US expands Iran secondary sanctions
Analysis based on 8 articles · First reported Aug 24, 2026 · Last updated Aug 24, 2026
The expansion of secondary sanctions threatens to disrupt global oil trade and financial flows, potentially keeping energy prices elevated. Markets may react negatively to increased geopolitical risk and uncertainty over potential sanctions on Chinese banks, which could sour US-China trade relations.
On August 24, 2026, the Trump administration announced a possible expansion of secondary sanctions on countries doing business with Iran, calling it an 'economic D-Day.' Treasury Secretary Scott Bessent said the US was launching an 'economic onslaught' against Iran's financial connections but stopped short of imposing new penalties, giving a 'cure period.' The Treasury sanctioned nearly 60 entities, individuals, and vessels, and targeted five sectors: digital assets, gold, technology, aviation, and shipping. Bessent previewed a 'major announcement' of sanctions on a financial institution by the end of the week. China, the largest buyer of Iranian oil, was not directly targeted, but the US warned that no country is out of reach. The move comes as the US-Iran war nears its six-month mark, with the Strait of Hormuz still blocked, keeping energy prices elevated. The US has imposed over 1,000 Iran-related sanctions since Trump's second term began in 2025, freezing an estimated $500 billion in Iran-linked cryptocurrency. Bessent singled out Bank Melli, demanding its branches be shuttered. The announcement follows stalled diplomatic efforts and a naval blockade that has severely damaged Iran's economy.
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