US Imposes Sweeping Sanctions on Nearly 60 Entities Targeting Iran’s Economy

The United States has announced a fresh wave of economic sanctions targeting nearly 60 individuals and entities across multiple countries, as part of an aggressive campaign to isolate Iran from the global economy. US Treasury Secretary Scott Bessent unveiled the measures on August 24, 2026, in Washington, DC, describing the strategy as the “economic asphyxiation” of Iran amidst the ongoing US-Israeli war nearing its six-month milestone.

“Around the globe, our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone,” Bessent stated during a news briefing, highlighting that the measures focus on networks aiding Iran in generating oil revenue, procuring weapons, and conducting cyberoperations.

The Treasury Department's sweeping measures target entities spanning the Middle East, China, Singapore, Europe, and beyond. Key targets include Iranian government ministries such as the Ministry of Intelligence and Security (MOIS) and the Ministry of Defence and Armed Forces Logistics (MODAFL), alongside associated organizations like Noavaran Axis Private Joint Stock Company (BRE Line). Specific individuals linked to cyber activities, including Mohammad Hossein Aslani, Reza Kadkhodai, and Arman Kahzadian, were also sanctioned.

Global networks facilitating procurement and shipping for Iran's nuclear and missile programs were severely impacted. In Hong Kong, entities like Sweet Ocean Industrial Ltd, RPT Technology Ltd, Shenzhen Sweet Ocean Technology Ltd, Feili Co Ltd, Minvur Ltd, Feisu Ltd, Guska Co Ltd, Tiany Technology Ltd, MT Trading and Logistics HK Ltd, and Shipoil Ltd faced penalties. Similar actions hit firms in China, including Shenzhen Sweet Ocean Technology Ltd and its director Tian Jianbai, Shenzhen Huamei Lianyun International Logistics Co Ltd, Shenzhen Bositong Logistics Co Ltd, Bositong Supply Chain Shenzhen Co Ltd, and Lilimoon Navigation Inc.

Singaporean entities such as Azure Shipping Pte Ltd, alongside individuals like Mansoor Tayabbhai Gandhi and companies like Trans Arctic Global Marine Services, Arc Chartering, and Wellbred Capital Pte Ltd, were penalized for operating within Iran's petroleum sector or acting on behalf of oil magnate Mohammad Hossein Shamkhani. Additional designations reached across Malaysia (Vast Mart Sdn Bhd), the United Kingdom (Estanica Trading Ltd), France (La Nivernaise de Raffinage SAS), Syria (Mohammad Ahmed Suhil Fattouh), Ukraine (Ivan Obukhov), the Marshall Islands (Sifra Shipping Co), and Greece (Almpertos Tsoris and Georgios Tsoris).

Iran has strongly rejected the latest measures. Economy Minister Ali Madanizadeh stated through the Fars News Agency that Washington cannot achieve its goals by cutting off Iran's economic arteries, noting that the country possesses programs designed to counter American sanctions. Iranian government spokeswoman Fatemeh Mohajerani and IRGC spokesperson Sardar Mohebi also expressed confidence that the nation would successfully navigate the economic hardships.

International reactions varied. China's Ministry of Foreign Affairs spokesman Lin Jian criticized the unilateral sanctions, stating that China and Iran's cooperation complies with international law and that Beijing will safeguard its own interests. Meanwhile, former UN special rapporteur Alfred-Maurice de Zayas warned that the coercive measures would backfire by encouraging countries to decouple from the US dollar.