Iran to face ‘toughest sanctions in history’ – what we know

Iran to face ‘toughest sanctions in history’ – what we know Maira Butt Monday 24 August 2026 16:04 BST Bookmark popover Removed from bookmarks Close popover Trump cannot let Iran make him ‘look like a loser,’ says former Fox News personality President Donald Trump has declared that Iran is "completely collapsing" ahead of an expected announcement regarding a major package of punitive economic measures against Tehran. US treasury Secretary Scott Bessent described the forthcoming action as the "toughest sanctions in history" and "the single greatest financial offensive ever marshalled against an adversary". The official announcement detailing the new US economic sanctions is scheduled to be delivered during a press conference at approximately 6pm BST/ 1pm ET. Iran's security chief, Mohsen Rezaei, denounced the US plans as "economic terrorism" and warned that any action taken by Washington would result in an "earthquake-like" confrontation. Rezaei further threatened neighbouring Gulf countries, warning that all oil exports through the Persian Gulf and the Strait of Hormuz would be halted if they participate in the economic war. In full Iran-US war latest: Iran is ‘completely collapsing’ says Trump as US to announce ‘worst sanctions in history’ against Tehran