• Threat from Washington:The US is threatening damaging new sanctions on countries that refuse to cut economic ties with Iran — but has stopped short of actuallyimposing big new penalties. Treasury Secretary Scott Bessent also warned that groups helping Tehran launder money face expulsion from the US financial system
• Iranian response: Finance Minister Ali Madanizadeh said Tehran is “fully prepared” to counter sanctions while top negotiator Mohammad Bagher Ghalibaf brushed off the US threats
• Economic pressure:Iran’s currency has dropped to a record low against the dollar, and US President Donald Trump insists Iran is “collapsing.” Even though Iranians are suffering financially, the country is no stranger to economic pain
• Talks with regional leaders:Pakistan’s army chief met with Iranian officials — including Ghalibaf — in Tehran today Oman’s foreign minister will also visit Iran tomorrow for talks on the Strait of Hormuz
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An unidentified projectile struck and disabled an oil tanker about nine nautical miles northeast of Oman’s Ash Shishah, the United Kingdom Maritime Trade Operations (UKMTO) reported early on Tuesday
The tanker’s engine room was damaged, but the crew was reported safe, UKMTO said
The environmental impact is not yet known, according to the organization
“Vessels are advised to transit with caution and report any suspicious activity to UKMTO. Authorities are investigating,” UKMTO said
Tehran is “fully prepared” for impending sanctions, Iran’s finance minister says
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CNN
Tehran is “fully prepared” for impending sanctions, Iran’s finance minister says
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Tehran is “fully prepared” to counter US sanctions targeting countries that maintain ties to Iran, Finance Minister Ali Madanizadeh told the state-run Islamic Republic of Iran News Network (IRINN) on Monday
United States Treasury Secretary Scott Bessent announced the planned measures during a press conference on Monday as part of what he has dubbed an “economic D-Day” against the regime
The official accused the US of wanting to “ wage economic terrorism” against Iran
“We know how to play this game. This time, they should not think our response will be purely defensive and that we will only defend ourselves. They should also expect us to go on the offensive,” he added
US Treasury Secretary Scott Bessent departs following a press conference to outline further sanctions against Iran, at the Treasury Department in Washington, DC, on Monday, August 24.
US Treasury Secretary Scott Bessent earlier today warned of potential dire consequences for countries with economic ties to Iran
“Every country has a defined timeline to shut down activities we have identified. If they do not take action, we will do so unilaterally through Treasury authorities,” Bessent said at a news conference
Bessent declined to name the specific countries. However, China, India, Turkey, Iraq, and the United Arab Emirates could be most at risk for US action, experts told CNN
According to the US-China Economic and Security Review Commission, China is Iran’s largest trading partner and purchaser of Iranian oil
Iran sent $22.4 billion in exports to China and imported $15.6 billion from there in 2022, per the World Bank
However, experts are skeptical that the administration will act strongly against China, especially ahead of Xi Jinping’s expected visit
“The US government has never gone hard on economic sanctions on China,” said Tannebaum, who is also a partner at management consulting firm Oliver Wyman
The UAE has historically been one of Iran’s largest commercial partners. However, it announced last week that it was suspending all trade and financial transactions with Iran “until further notice.”
Turkey has been a robust key trading partner for Iran, with more than $5 billion in bilateral trade in 2024, according to its Ministry of Foreign Affairs, and it imported 13% of its natural gas from Iran last year
Iraq and Iran have historically traded billions, with Iraq being dependent on Iranian electricity and gas
India’s trade with Iran has fallen in recent years, standing at around $1.6 billion in 2025-2026, according to India’s Department of Commerce
Israeli Prime Minister Benjamin Netanyahu congratulated President Donald Trump and Treasury Secretary Scott Bessent after the US threatened new sanctions targeting countries with ties to Iran
Bessent announced plans at a news conference today to place sanctions on countries that refuse to sever economic ties with Iran, but he stopped short of imposing new major penalties
Netanyahu prasied the move in a post on X
“You justly exact a steep price from that cruel dictatorship and from those who assist its continued aggression,” Netanyahu said
US reasury Secretary Scott Bessent speaks during a press conference to outline further sanctions against Iran, at the Treasury Department in Washington, DC, on Monday, August 24.
United States Treasury Secretary Scott Bessent threatened new sanctions on countries refusing to cut economic ties with Iran in a news conference today
Though the US Treasury Department stopped short of imposing new big penalties, the warnings come after recent rhetoric from Bessent and President Donald Trump threatened an “economic D-Day” for Iran
Iran’s top negotiator, Mohammad Bagher Ghalibaf, fired back that the US is not in an economic position to restrict its relations with other countries and that “no one believes their bluster.”
Here’s what Bessent said earlier:
- Trump has been calling world leaders with specific asks regarding the administration’s demand to work with the US to isolate Tehran economically, according to Bessent. He did not say specifically which countries Trump has been in communication with, but added that “we’ve already seen some results.”
- Bessent did not outline any specific timelines for when countries must cut economic ties with Iran or face financial penalties.
- Bessent declined to say whether the US is willing to target Chinese banks with sanctions — a move that could jeopardize delicate relations between China and the Trump administration. China is Iran’s main trading partner.
- The secretary also threatened to expel groups that help Iran launder money from the US financial system. Bessent said the public should expect a major sanctions announcement targeting an unspecified financial institution by the end of this week.
- Defending the decision to hold off on issuing sanctions targeting countries tied to Iran, Bessent said his announcement today was a “warning shot.” The US, he said, is “giving everyone the opportunity to remedy bad behavior.”
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Pakistan’s army chief in Tehran:Pakistan’s army chief, Field Marshal Asim Munir, met with Iranian officials — including top negotiator, Iranian Parliament Speaker Mohammad Bagher Ghalibaf. Iranian security chief Mohsen Rezaei told Munir the US “must change its behavior and take concrete steps toward fulfilling the conditions of the memorandum of understanding.” Trump spoke by phone with Munir last week, a
Elsewhere in the region: Meanwhile, the US officially lifted its state sponsor of terrorism designation on Syria
CNN’s Adam Cancryn, Alayna Treene, Matt Egan, Betsy Klein, Aida Karimi and Mitchell McCluskey contributed reporting to this post
Pakistan’s army chief, Field Marshal Asim Munir, attends a meeting in Switzerland on June 21 as part of high-level talks on ending the Middle East conflict.
President Donald Trump spoke by phone with Pakistan’s army chief, Field Marshal Asim Munir, last week, a
Munir met with Iran’s top negotiator in Tehran on Monday underscoring Pakistan’s potential role in efforts to revive diplomacy between Washington and Tehran
Trump insisted Monday on social media that Iran is “COMPLETELY COLLAPSING.” However, according to reports, he discussed Iran in his conversation with Munir and asked Pakistan to use its influence to help restart negotiations
Iranian Parliament Speaker Mohammad Bagher Ghalibaf speaks during a press conference in Tehran on November 27, 2024.
After US Treasury Secretary Scott Bessent threatened new sanctions targeting countries with ties to Iran, top negotiator Mohammad Bagher Ghalibaf argued that the US is not in an economic position to restrict its relations with other countries
Ghalibaf, Iran’s parliamentary speaker, wrote in a post on X that “Iran’s trading partners have stated — both publicly in the media and in messages sent to us — that they attach no importance to these remarks.”
Meanwhile, Iran’s semi-official Tasnim News Agency quoted a senior Iranian intelligenceuencing public opinion rather than imposing meaningful new restrictions
Thes media team” and were intended to increase “psychological pressure on the people of Iran,” Tasnim added, without naming the source
The United States “must change its behavior,” Iranian security chief Mohsen Rezaei said during a meeting Monday with Pakistan’s army commander, according to state-run Islamic Republic of Iran Broadcasting (IRIB)
Rezaei, secretary of Iran’s Supreme National Security Council, underscored Iran’s distrust of the US and spoke about Iran’s management of the Strait of Hormuz, IRIB reported
Rezaei previously vowed to “neutralize the economic war” with the US and threatened to halt the flow of oil through the Strait of Hormuz unless the Americans “honor their commitments.”
Treasury Secretary Scott Bessent speaks during a press conference to outline further sanctions against Iran, at the Treasury Department in Washington, DC, on Monday.
Treasury Secretary Scott Bessent defended the decision to hold off on issuing crippling sanctions targeting nations tied to Iran, casting the “economic D-Day” announced Monday as a “warning shot.”
“We believe that a warning shot and a level-set of expectations is appropriate,” Bessent told CNN’s Kevin Liptak at a press conference
The US, he said, is “giving everyone the opportunity to remedy bad behavior,” adding that applying the sanctions immediately without any warning could “blow up the global financial system.”
Bessent added: “We believe that it is important to level-set and give people a cure period, but they should know that that will move very quickly and that we are serious.”
The US is threatening sanctions on countries with economic ties to Iran, with each country given “a defined timeline to shut down the Iran-related activity” identified by the US, the Department of Treasury said in a statement
Bessent declined to lay out those specific timelines during his press conference, nor did he name the countries that the US has been in contact with
Bessent: Firms that aid Iranian money laundering will be removed from the US dollar system
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CNN
Bessent: Firms that aid Iranian money laundering will be removed from the US dollar system
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Treasury Secretary Scott Bessent is threatening to expel groups that help Iran launder money from the US financial system at the heart of the global economy
“Let me clear: Any entity that facilitates money laundering on behalf of Iran will be removed from the US dollar system. The clock just started ticking,” Bessent said during his prepared remarks on Monday
In a press release, the Treasury Department used somewhat softer language, saying any entity that facilitate money laundering or sanctions evasion “risks being cut off from the US financial system.”
Asked if Chinese banks could face secondary sanctions for their alleged role in helping Iran, Bessent said the best approach is through “quiet diplomacy,” but added that “no one is above the reach of US sanctions.”
Bessent said the public should expect a major sanctions announcement targeting an unspecified financial institution by the end of this week
US Treasury Secretary Scott Bessent on Monday sent a message to Iranian soldiers that should question their military leadership and suggested they could act to bring down the government in Tehran
Administration officials, including President Donald Trump, have raised the prospect of regime change at various points in the war, including at its outset, but have also claimed that was not the goal of the US operations
It is unclear if “ordinary soldiers” would have been able to see his message, given restrictions in Iran
Treasury Secretary Scott Bessent declined to lay out specific timelines for when countries must cut economic ties with Iran or face financial penalties from the US
Bessent said President Donald Trump has been calling world leaders with specific asks regarding the administration’s demand to work with the US to isolate Tehran economically. However, he refused to name which countries Trump has been in communication with
“We’ve already seen some results,” Bessent claimed, adding that the US Treasury and State departments will follow up with visits and calls of their own. The departments will tell each country “exactly what we expect and the timelines.”
“And I would expect that very quickly, if they do not respond, then you will see the ramifications of their actions,” Bessent said
Treasury Secretary Scott Bessent speaks during a press conference at the Treasury Department in Washington, DC, on Monday.
US Treasury Secretary Scott Bessent declined to say whether the US is willing to target Chinese banks with sanctions — a move that could jeopardize delicate relations between China and the Trump administration
Bessent on Monday threatened to penalize countries that refuse to cut economic ties with Iran. But pressed on whether that would include Tehran’s main trading partner, China, he said only that “no one is above the reach of US sanctions.”
“If they facilitate transactions and are part of the ecosystem that turns Iranian oil into money, into repression, they will be targeted,” Bessent said. “We know who they are. They know who they are.”
China has long purchased as much as 90% of Iran’s oil exports, in addition to maintaining a broader trade relationship
Treasury Secretary Scott Bessent speaks at a news conference, Monday, August 24, at the Treasury Department in Washington.
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CNN
Treasury Secretary Scott Bessent speaks at a news conference, Monday, August 24, at the Treasury Department in Washington.
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The US Treasury Department threatened damaging new sanctions on countries that refuse to cut economic ties with Iran — but stopped short of actually imposing big new penalties
“We find that the best way to engage with countries is through quiet diplomacy, and we are level-setting with every country to tell them our expectations,” Treasury Secretary Scott Bessent said. “We know who they are. They know who they are.”
In a new effort to ramp up pressure on Tehran, the Trump administration said Monday that it has expanded the categories of “Iran-related conduct” that the US might sanction in the future, and that it plans to give nations specific defined timelines to end their relationships with the regime
The new sanctions include penalties that cover sectors like digital assets, technology and shipping that the Treasury Department determined Iran has relied on to prop up its economy
Yet despite Bessent’s vow of an “economic D-Day” for Iran, the US is holding off on imposing the biggest sanctions that it has threatened
Instead, the administration said it will work with “counterparts around the world” to shut down their activity tied to Iran
Treasury Secretary Scott Bessent attends an event announcing the expansion of a foster care initiative in the Rose Garden of the White House on August 20, in Washington, DC.
US Treasury Secretary Scott Bessent is now holding a news conference, after he warned in an op-ed Sunday that an “economic D-Day is coming for Iran.”
He also threatened countries that do business with Tehran but gave little detail
The secretary’s comments echo remarks by President Donald Trump, who last week also threatened an “economic D-Day” against Iran as the US is seeking to ratchet up the economic pressure to get Tehran to return to the negotiating table
We’ll have updates as the news conference gets underway
Pakistan’s army chief, Field Marshal Asim Munir, met Iranian Parliament Speaker Mohammad Bagher Ghalibaf on Monday, as Islamabad continues diplomatic efforts aimed at supporting regional stability and security, according to Iran’s state-run Islamic Republic of Iran Broadcasting (IRIB)
During the meeting, Ghalibaf criticized Washington over what he described as repeated failures to honor commitments under the “Islamabad memorandum of understanding.”
“The commitments of both sides under the memorandum are clear. It was the United States that, by failing to uphold its commitments, prevented stability from being established in the region and provided yet another reason for mistrust,” Ghalibaf said
Ghalibaf, the head of Iran’s negotiating team, said Tehran remains committed to implementing the conditions outlined in the agreement and rejected the idea that Iran would yield to pressure
“We are pursuing the implementation of the conditions set out in the memorandum. It is the United States that must fulfill its commitments under the agreement,” he said
Munir, for his part, said Pakistan would continue efforts to help restore stability in the region
Tensions remain high in the Strait of Hormuz as traffic through the critical waterway continues to be heavily restricted
The strait has been a major flashpoint since Tehran effectively closed it following US and Israeli airstrikes on February 28
Oman’s Foreign Minister Sayyid Badr Al-Busaidi is scheduled to visit Tehran tomorrow to discuss the Strait of Hormuz and other regional developments. The two countries have been in talks on new shipping routes through the waterway
If you’re just joining us, here’s a recap of the latest key developments:
- Iran’s state-controlled Persian Gulf Strait Authority (PGSA) warned on Sunday that vessels accused of violating its transit rules in the strategic waterway could face penalties, including detention or confiscation, signaling potential risks for shipping through one of the world’s most strategically important waterways.
- Iran has granted permission to a number of Iraqi oil tankersto pass through the Strait of Hormuz, the Reuters news agency reported, citing the Iranian state-run Islamic Republic News Agency (IRNA). IRNA reported that the decision came after repeated appeals from Baghdad, one of its main requests during Iranian Parliament Speaker Mohammed Bagher Ghalibaf’s visit, according to Reuters.
- Tehran’s security chief, Mohsen Rezaei, vowed to “neutralize the economic war” with the United States and threatened to halt oil flow out of the Strait of Hormuz, Iran’s state-affiliated Press TV reported. The threat comes despite Iran allowing some Iraqi oil tankers to pass through the waterway.
CNN’s Laura Sharman, Xiaoqian Lin and Mohammed Tawfeeq contributed to this report
Treasury Secretary Scott Bessent promised new sanctions on Monday that are so punishing it will amount to an “economic D-Day” for Iran
But to make good on that pledge, he’ll also have to escalate tensions with a far more formidable economic opponent: China
Bessent’s sanctions plan will need to target Chinese companies and banks to have any shot at cutting off Iran’s main financial lifelines, economic analysts told CNN. That’s a major step that the administration has so far been unwilling to take, amid concerns it would damage the relationship between President Donald Trump and Chinese President Xi Jinping — particularly ahead of an anticipated state visit next month
China has long bought as much as 90% of Iranian oil exports, in addition to trading a range of other goods, making it Iran’s largest trading partner. The US has sanctioned some smaller Chinese firms since its war with Iran began, but it has refused to act against the larger banks facilitating the country’s purchases from Iran
Targeting those banks on Monday would signal that the US is serious about isolating Iran and forcing it back to the negotiating table, analysts said. But there’s plenty of skepticism that Trump would greenlight such a move
Saudi Arabia’s national shipping company Bahri said on Monday that one of its tankers was involved in a security incident in the Red Sea, hours after Yemen’s Iran-backed Houthis claimed they had targeted the vessel in a missile attack
The Houthis said they had struck the Saudi-linked oil tanker Amzan off the coast of Yanbu with a ballistic missile
Bahri confirmed that the tanker, which is associated with its fleet, “experienced a security incident in the Red Sea on August 24, 2026.”
Bahri said all crew members were safe and that no injuries had been reported
“Bahri continues to maintain regular contact with the ship, as well as close coordination with relevant entities and parties within the maritime sector, while closely monitoring the situation’s developments,” it said
Bahri did not provide details on the nature of the incident, nor did it comment on the Houthi claim of responsibility
The company said the safety of its personnel, protection of the marine environment and secure operation of the vessel remained its top priorities
The Houthis have repeatedly said they will continue targeting vessels they consider linked to Saudi Arabia and its allies as part of their broader military campaign
Treasury Secretary Scott Bessent’s statement in a new op-ed that an “economic D-Day is coming for Iran” signals the latest a series of shifting strategies for the Trump administration in a war that hasn’t gone according to plan
It’s also a huge gamble: He and the administration are betting that all-out economic pressure will ultimately force Iran to capitulate in a way that military strikes have not
It could work — the Iranian economy is clearly reeling. Its currency just dropped to a record low against the US dollar
But similar to the military clashes, Iran benefits from asymmetric warfare on the economic front, too. And the time required to bring Iran to heel might not necessarily be on Trump’s side
While Iran cannot inflict the same kind of economic pain on the United States that that the US can on it, it has leverage: the 2026 midterm election. Continued high gas prices — currently averaging more than $4 per gallon, according to GasBuddy — filter down to many other aspects of the sputtering US economy. And, crucially, they also serve as an everyday reminder of the stagnant inflation that might be the GOP’s biggest electoral problem
If gas prices don’t fall in the coming months, the American people won’t suffer like the Iranians will under tough economic sanctions. But American voters might well deliver a significant rebuke to Trump’s party that will leave him politically wounded for his final two years in office
As of Monday, there are just 71 days until election day
