US widens Iran sanctions, rial hits record low

On August 24, 2026, the United States announced a significantly expanded round of sanctions targeting Iran, intensifying financial pressure on Tehran. Treasury Secretary Scott Bessent described the effort as an "economic D-Day" at a press conference outlining the new measures. The campaign is presented as a major escalation in efforts to isolate Iran from global finance and trade.

The Treasury said it has issued determinations that broaden which sectors linked to Iran can be subject to sanctions. These determinations are aimed at tightening restrictions on parts of the economy seen as supporting Iran’s access to international markets and hard currency. The move signals a wider scope for future designations under existing sanctions authorities.

Under the new determinations, sanctionable sectors now include digital assets, technology, gold, aviation and shipping. These areas are described as channels that Iran uses to help sustain its economy under existing restrictions. By formally bringing these sectors into scope, the Treasury gains more tools to act against firms and intermediaries involved in those activities.

Alongside the sectoral expansion, the Treasury announced sanctions on nearly 60 entities, individuals and vessels. These targets are tied to Iran’s procurement networks, cyber operations and oil-revenue channels. The designations aim to disrupt how Iran secures equipment, generates income and conducts operations that rely on international financial and logistics systems.

Bessent issued a direct warning that any entity facilitating money laundering on behalf of Iran faces removal from the U.S. dollar-based financial system. He said the United States is giving parties a defined timeline to halt Iran-related activities identified by U.S. authorities. Countries and companies are being urged to cut economic ties with Iran or risk secondary sanctions.

Bessent also indicated that a major sanctions announcement targeting an unspecified financial institution is expected by the end of the week. He did not name the institution or detail the forthcoming action. The signal of additional steps is intended to underscore that enforcement will extend beyond Iranian entities to those that support their transactions.

The intensified sanctions campaign coincided with a sharp weakening of Iran’s currency. On August 24, the rial fell to about 2.02 million to the U.S. dollar in open-market trading, reaching a record low. The slide reflects mounting pressure on Iran’s economy as access to foreign exchange and international finance tightens.

The combination of expanded sectoral coverage, new designations and threats to dollar access illustrates a broad financial offensive aimed at further isolating Iran. By targeting digital assets, tradeable commodities and critical transport sectors, the United States is seeking to limit Iran’s remaining channels for global commerce. The latest moves set the stage for further sanctions actions in the days ahead, particularly in the financial sector.