US targets Iran with new sanctions, tells countries to cut ties

**U.S. Treasury Official Warns of New Secondary Sanctions on Iran**

*Washington, D.C., August 24, 2026* – Scott Bessent, a senior official at the U.S. Treasury Department, announced on August 24 that the United States is preparing a new round of secondary sanctions aimed at “cutting off all possible sources of revenue” for Iran. The announcement was made in a statement that cautioned foreign governments and businesses that continued economic engagement with Tehran could face retaliation from Washington.

Bessent said that countries and companies must “reduce or end their economic ties with Tehran” or risk being subject to U.S. sanctions. While he did not name specific nations that could be targeted, he noted that China, Turkey and the United Arab Emirates are among Iran’s largest trading partners.

The warning follows a period of heightened tension over Iran’s economy. Earlier in the day, Iran’s currency fell to a record low of 2.02 million rials per U.S. dollar in the opening of currency markets, reflecting the impact of existing U.S. sanctions that have been in place for nearly five decades.

In response, Iran’s officials rejected the U.S. statements and warned that the country could halt all oil exports if the “conflict continues.” The Persian Gulf Strait Authority (PGSA), a newly created Iranian body that oversees navigation through the Strait of Hormuz, also issued a notice on the social media platform X. The PGSA warned that vessels violating Tehran’s rules could be subject to fines, detention, or confiscation, and urged cargo owners to consult an updated list of “non‑compliant” ships.

The PGSA indicated that ships involved in activities such as ship‑to‑ship transfers with non‑compliant vessels would be placed on a restricted list. Operators seeking removal from that list must submit a request to Iran’s maritime authorities, providing supporting explanations.

China’s foreign ministry commented on the development, with spokesperson Lin Jian stating at a daily press briefing that all parties should “remain rational and show restraint.” Lin added that “sanctions and pressure tactics do not help to resolve issues,” and said Beijing would monitor the situation closely and take steps to protect Chinese interests.

The announcement comes amid broader U.S. policy actions. Earlier reports indicated that the Trump administration had moved to make permanent a fee exceeding $100,000 on certain H‑1B visas, though the connection to the Iran sanctions was not detailed in the Treasury official’s remarks.

No further details on the scope or timing of the proposed secondary sanctions were provided. The Treasury Department indicated that any entity found to be facilitating prohibited transactions with Iran could be subject to U.S. measures, but specific criteria for enforcement remain to be outlined.

Article and image source: iraqsun.com