US To Impose ‘Unprecedented’ Financial Blockade On Iran, Treasury Secretary Says

Reuters

US Treasury Secretary Scott Bessent.

US Treasury Secretary Scott Bessent said Washington would begin imposing an “unprecedented” financial blockade on Iran on Monday, 24 August 2026, as part of efforts to cut off revenue sources supporting the Iranian government.

Speaking to CNBC, Bessent said the Trump administration was calling on US allies and countries around the world to halt trade with Iran. He warned that Washington would use its full financial power against entities that failed to comply with the new sanctions.

Bessent said countries that continued to support Iran could be treated as “global pariahs”, arguing that financial isolation could reduce the need for military action and discourage governments and businesses from maintaining ties with Tehran.

He also warned that any Iranian military action against US forces or Gulf states would trigger a direct and decisive response from US President Donald Trump.

Trump has pledged to inflict severe damage on Iran’s economy, following Bessent’s announcement that Washington would impose “unprecedented” measures against Tehran. Iran has condemned the planned sanctions and threatened countries that participate in the measures.

Since hostilities began on 28 February, Washington has imposed extensive sanctions on Iran’s maritime, energy and financial sectors, alongside a naval blockade.

Bessent is scheduled to hold a press conference on Monday to provide further details of the new sanctions against Iran.


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