Bessent: 'Toughest Sanctions in History' Coming for Iran as US Treasury Designates 10 Linked to Iran and Hezbollah

US Treasury Secretary Scott Bessent told CNBC on Thursday, August 20, 2026 (29 Mordad 1405) that Washington will impose the "toughest sanctions in history" on Iran, describing it alongside the existing naval blockade as a "one-two punch" that will "collapse this regime." He warned countries still trading with Iran that they must side with the US or face action from the US Treasury, but declined to say whether China specifically would be targeted, saying some conversations are best held in private, while noting China gets about 50 percent of its energy from the Persian Gulf. According to Al Jazeera, the remarks came a day after President Donald Trump threatened "tremendous" economic consequences for countries helping Iran.\n\nIn the same interview, per Donya-e-Eqtesad citing ISNA, Bessent claimed that applying maximum economic pressure could prevent a broad resumption of military operations; the report said oil prices rose after the interview aired. Separately that same Thursday, the US Treasury announced fresh sanctions on individuals and entities linked to Iran, Hezbollah, Russia and Cuba. Per Donya-e-Eqtesad, citing the Young Journalists Club, three of those listed, all Turkish nationals, are linked to Iran, while seven are linked to Hezbollah, including one Iranian national. Al Jazeera separately identified a Turkish businessman among the Hezbollah-linked designees, accused of helping funnel funds to the group.