The US Says It's About to Hit Iran With Measures "Never Seen Before"
On August 13, 2026, the US official in charge of financial policy, Treasury Secretary Scott Bessent, said the United States would apply measures on Iran that have "never been seen," with the new actions expected as soon as the following week (Reuters).
The announcement follows months of increasing pressure from Washington on Iran's economy. That pressure has moved from sanctions on specific people and companies to a naval blockade that physically blocks Iranian goods from leaving port — and now toward something Bessent describes as a new, unprecedented level.
What Are Sanctions?
Sanctions are penalties one government places on another to force a change in behavior. Think of them as an economic chokehold: by cutting off a country's ability to trade, sell its resources, or access international banks, the sanctioning country tries to make it too expensive for the target to continue its current course.
In April 2026, the US Treasury Department and the Pentagon jointly announced Operation Economic Fury, designed to weaken Iran's military by cutting off its income and blockading its exports (BBC). That same month, Washington sanctioned foreign banks and companies doing business with Tehran (BBC). President Donald Trump called the overall campaign the "most crushing economic operation ever taken against any country" (BBC).
Why Did This Start?
Early in 2026, Iran saw weeks of protests over the rising cost of living. People blamed their government for economic hardship (BBC). Official figures show that in the 12 months leading up to February 2026, the price of basic goods in Iran rose by an average of 60%, and food prices doubled (BBC). In January 2026, Bessent described Iran as facing a "precarious moment," noting that high inflation was partly caused by US sanctions (Reuters).
During the protests, Trump told Iranian demonstrators "help is on the way" and urged them to "keep protesting" (BBC). About a month later, the US joined Israel in an attack on Iran and put a blockade on Iranian ports (BBC).
How Far the Sanctions Have Spread
The sanctions have expanded in several directions. The US Treasury targeted every stage of Iran's oil supply chain — from getting oil out of the ground to selling it abroad (US Treasury). Trump also directed Treasury to sanction Iranian leaders involved in cracking down on protesters (US Treasury). The State Department separately sanctioned two organizations and two individuals based in Iran and Belarus (US Treasury). In July 2026, Treasury went after the companies keeping Iran's airline, Mahan Air, flying globally (US Treasury).
Bessent has also pushed other countries to help. In May 2026, he said European governments should close Iranian bank branches operating on their soil, and announced a review of old US sanctions lists to make enforcement more effective (Reuters). He pointed to Iran's "shadow banking system" — informal, hidden networks for moving money outside regular banks — as a channel for funding what the Treasury called terrorist activity (US Treasury).
A Confusing Signal
Here is where the story takes a twist. In June 2026, the US and Iran signed a diplomatic agreement that included a promise from Washington to end all sanctions against Iran on an agreed schedule (BBC). That promise directly conflicts with Bessent's August announcement of even tougher measures.
The broader context here is that the US appears to be running two strategies at once. The June agreement suggests the Trump administration at least considered easing the pressure. Bessent's August remarks point in the opposite direction — more pressure, coming within days. Whether the June agreement's promise to lift sanctions can survive this new wave is one of the biggest questions for anyone watching Iran's economy, its oil sales, or security in the region. The gap between promising to remove sanctions and promising measures "never been seen" is hard to square, and that gap will likely shape what happens next between the US and Iran.
What Happens Next
Banks and companies with any connection to Iran, even indirectly, have a shrinking window before the new measures take effect. The Treasury's review of its sanctions lists and Bessent's call for European governments to close Iranian bank branches suggest the rules will extend beyond US borders. Firms involved in Iran's oil trade, airline networks, or informal banking already face multiple layers of sanctions, and the August signal suggests the next package will reach even further — though no specific details have been announced.
What we do not yet know is how the June agreement and the August announcement relate to each other. If they are sequential, the plan might be to apply maximum pressure first and then offer relief through negotiation. If they contradict each other, one will override the other. Either way, the time between Bessent's August 13 statement and the promised new measures is very short.
