Bessent puts Iran backers on notice over US sanctions

Nifty24, 219.05-32.96. Motilal Oswal Midcap Fund Direct-Growth.

Key points

• In the first six months of 2026, India exported $383.11 million of rice to Iran – the second-largest overseas market for premium rice, including long-grained basmati.
• United States Treasury Secretary Scott Bessent confirmed a new sanctions campaign targeting Iran.
• Bessent made public that US President Donald Trump was making phone ‌calls to world leaders with specific requests ⁠to cease their interactions with Iran.
• US sanctions against IranIran backing sanctionsIran sanctions campaignScott Bessenteconomic engagement with IranUS sanctions on IranUS sanctions IndiaChina US sanctionsUS news.
• As quoted by Reuters, "No one, including China is above the reach of US sanctions, " Bessent remarked.

Nifty24, 219.05-32.96. Motilal Oswal Midcap Fund Direct-Growth. The Economic Times daily newspaper is available online now. Every country backing Iran should brace for US sanctions, warns Bessent. Every country backing Iran should brace for US sanctions, warns Bessent. ET OnlineLast Updated: Aug 24, 2026, 11: 29: 00 PM IST.

United States Treasury Secretary Scott Bessent confirmed a new sanctions campaign targeting Iran. He cautioned all countries have a defined timeline to cease identified activities. President Donald Trump is contacting world leaders with specific requests to end interactions. Economic engagement of any kind with Iran will expose parties to American power. In practice, the United States will enforce a zero leakage approach to Iran sanctions. Listen to this article in summarized format. Unlock AI Briefing and Premium Content. New Year Offer 24 Hours Left. Subscribe Now Already a member? Sign In.

US Treasury Secretary Scott Bessent laid out a fresh ‌United States ⁠sanctions ⁠campaign against Iran on Monday, warning that every country has a defined ⁠timeline to shut ‌down activities identified ⁠by Washington or face action from Treasury. Bessent made public that US President Donald Trump was making phone ‌calls to world leaders with specific requests ⁠to cease their interactions with Iran. He confirmed what he called an "unprecedented" campaign to sever Iran from the global economy. "We are launching an economic onslaught against Iran's financial connections around the globe, " Bessent remarked. "Our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone."

From D-Day to economic war: US invokes World War II in Iran sanctions push He continued that Washington would provide countries a defined period to wind down activities it has identified as supporting Iran, but cautioned that the Treasury would act unilaterally if they failed to comply. Bessent, nevertheless, declined to specify a fixed deadline, saying the administration did not have "infinite patience". Live Events.

As quoted by Reuters, "No one, including China is above the reach of US sanctions, " Bessent remarked. He remarked any form of economic engagement with Iran could expose those involved to the "full reach of American power". The Treasury secretary remarked the US would pursue a "zero leakage" approach to enforcing sanctions against Iran, signalling a broader crackdown on countries, businesses and entities that continue to backing or conduct business with Tehran. The new sectoral sanctions determinations issued today target five of Iran's most vital lifelines that it exploits in other countries, Bessent remarked, further naming digital assets, technology, gold, aviation, and shipping.: $20 million: The cost of shipping oil through Strait of Hormuz 'Major financial institution to be sanctioned'.

Bessent hinted that the US would shortly sanction a major financial institution by the end of this week over Iran. The move is part of Trump's efforts to put pressure on Iran to end the attacks on ships in the Gulf and, more lately via its allies, in the Red Sea, that Tehran rolled out after the US and Israel began air strikes against it in February. Although the US blockade of Iranian ports, renewed in mid-July, has already cut Iranian oil flows to China.: India's exports to Iran set to fall further due to Dubai halt, US sanctions India-Iran trade ties, bessent had previously pressed ⁠cooperation from ⁠China, the biggest buyer of Iranian oil for a number of years.

Though bilateral trade has fallen by more than 90% from its 2018/19 highs of $17 billion, with exports ‌now limited mostly ⁠to goods ⁠exempted on humanitarian grounds, according to a recent Reuters report, India has been among Iran's five largest trading partners. In the first six months of 2026, India exported $383.11 million of rice to Iran – the second-largest overseas market for premium rice, including long-grained basmati. Indian tea exports to Iran stood at $14.34 million during the same period. Iran's exports to India were dominated by crude oil, valued at regarding $707 million, with far smaller shipments of liquefied petroleum gas (LPG), apples, dates, almonds and kiwi fruit in the first six months of 2026. Add Now!

In short, bessent puts Iran backers on notice over US sanctions is the central thread here, and readers can expect follow-up reporting as the picture becomes clearer.