WATCH LIVE: Bessent announces new Iran sanctions

Published August 24, 2026 1:17pm ET | Updated August 24, 2026 1:20pm ET



Treasury Secretary Scott Bessent announced a slew of sanctions against Iran, dubbed “Operation Economic Outcast,” on Monday at the Treasury Department.

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The sweeping sanctions are meant to cut Tehran off from global engagement by targeting third-party nations and entities. Some sectors include digital assets, gold, aviation, technology, and shipping.

The sanctions are part of a broader campaign to pressure Iran into opening the Strait of Hormuz, a key waterway in the global energy trade.