{
  "id": 2201421,
  "title": "Bessent vows to isolate Iran's economy as US increases pressure on allies",
  "url": "https://urgent.news/2026/08/20/bessent-vows-to-isolate-irans-economy-as-us-increases-pressure-on",
  "topic": "world",
  "section": "World",
  "published": "2026-08-20T18:55:00.000Z",
  "source": {
    "name": "The National UAE",
    "slug": "the-national-uae",
    "url": "https://www.thenationalnews.com/news/us/2026/08/20/bessent-iran-sanctions/"
  },
  "original_language": "en",
  "account": "Treasury Secretary Scott Bessent announced on Thursday that the United States will implement its most stringent sanctions ever against Iran, as Washington escalates economic pressure amid a deadlock in talks aimed at ending the conflict. Bessent expressed his intention to hold a press conference on Monday to detail the actions the US plans to take. He emphasized that \"economic pressure means that we are going to all of our allies – and this is going to be the greatest co-ordinated economic isolation in the history of the world – and we are going to them and saying, 'You are either with us or against us.'\" The US has vowed to impose stricter economic measures against Iran as a naval blockade in the Strait of Hormuz has been unsuccessful in compelling Tehran to reopen the vital waterway. Iran's central bank governor confirmed that the country is not exporting any oil. The country is also grappling with runaway inflation and a weakening currency. Iran's regime has been subject to sanctions for decades, dating back to the administration of President Jimmy Carter, who initiated an economic pressure campaign in response to the US embassy siege in Tehran in 1979. Over 6,000 sanctions target various sectors of Iran's financial, banking, aviation, energy, and cryptocurrency industries. Bessent stated, \"It is a one-two punch. We have the blockade [on Iran] and we are going to have the toughest sanctions in history,\" adding, \"It is going to work in Iran and we are going to collapse this regime.\" President Donald Trump vowed on Wednesday night to launch \"economic warfare and isolation on an unprecedented scale,\" warning that entities supporting Iran could face economic repercussions. The US position was bolstered this week when the United Arab Emirates severed all trade and financial links with Iran following Tehran's missile attack on the Emirates. UAE Strategic Communications Director Afra Al Hameli stated, \"The United Arab Emirates remains firmly committed to safeguarding the integrity of the international financial system, in line with international law and the highest global standards.\" Iran also depends on Turkey, India, and China for foreign currency access, and China's economic involvement has recently faced heightened scrutiny. Bessent noted that China imports 50% of its energy from the Gulf, suggesting that Beijing could benefit from cooperating. As China remains one of the few nations willing to circumvent sanctions, Washington has not escalated measures against major Chinese banks, potentially to avoid provoking Beijing ahead of President Xi Jinping's upcoming visit to the White House, which precedes China's scheduled restrictions on rare-earth mineral exports. Bessent did not specify whether China would be a target of the economic sanctions, stating, \"Many conversations are best to have in private.\"",
  "summary": "Treasury Secretary Scott Bessent on Thursday said the US will impose its toughest ever sanctions on Iran , as Washington increases its economic threats amid an impasse in negotiations to end the conflict. Mr Bessent said he plans to hold a news conference on Monday “to talk about exactly what we're going to do”. “Economic pressure means that we are going to all of our allies – and this is going…",
  "key_points": [
    "US Treasury Secretary Bessent vows to impose strictest sanctions ever on Iran.",
    "US plans coordinated economic isolation with allies, calling it greatest in history.",
    "Iran's central bank governor confirms no oil exports amid inflation and currency crisis."
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 3,
    "also_reported_by": [
      {
        "outlet": "The National Business",
        "title": "Bessent vows to isolate Iran's economy as US increases pressure on allies",
        "url": "https://urgent.news/2026/08/20/bessent-vows-to-isolate-irans-economy-as-us-increases-pressure-on-2208230",
        "published": "2026-08-20T18:55:00.000Z"
      },
      {
        "outlet": "Semafor",
        "title": "Bessent teases Iran economic pressure plan",
        "url": "https://urgent.news/2026/08/20/bessent-teases-iran-economic-pressure-plan",
        "published": "2026-08-20T19:58:18.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}