US Treasury Secretary Scott Bessent declared Wednesday that Washington will impose its “toughest sanctions in history” aimed at collapsing Iran’s government, warning that nations maintaining economic ties with Tehran will face severe consequences.
The announcement marks a sharp escalation in the administration’s maximum pressure campaign, with Bessent explicitly calling on Beijing to end its oil purchases and financial engagement with the Islamic Republic.
“We will not hesitate to target any entity, anywhere, that facilitates Iran’s malign activities,” Bessent said during a press briefing. “This includes financial institutions, shipping networks, and energy buyers that provide a lifeline to the regime.”
The Treasury Department did not immediately specify which new designations would be rolled out first, but officials signaled a broad expansion of secondary sanctions authority targeting third-country enablers of Iran’s oil exports and drone programs.
China, Iran’s largest oil customer, has repeatedly rejected unilateral US sanctions as illegal under international law. Chinese customs data shows crude imports from Iran have surged to record levels this year despite existing restrictions.
Analysts say the success of the new measures will depend heavily on whether the administration can secure cooperation from allies in Europe and Asia, or whether the moves will further fragment the global sanctions coalition.
Published 21 Aug 2026
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