Trump administration launches sanctions campaign targeting Iran's trading partners

The US Treasury Department launched a major sanctions campaign against Iran on August 24, 2026. Treasury Secretary Scott Bessent said the goal is to cut off all economic support for the Iranian government. The new measures target more than 60 Iranian-linked people, companies, and ships. Five sectors face expanded sanctions: technology, gold, aviation, shipping, and digital assets. Countries that buy Iranian oil or handle financial transactions with Iran could lose access to the US dollar system. China, which buys over 80% of Iranian oil, was directly warned, but Beijing told Chinese companies to ignore the threats. Iran warned that countries joining the restrictions could be treated as enemies, and threatened to disrupt oil shipments through the Strait of Hormuz.