US Treasury Secretary Scott Bessent has warned that Washington is preparing a new round of sanctions against Iran that he says will be unlike anything seen before.
The measures could come as early as next week, according to Reuters. President Donald Trump also said on Friday that the US would hit Iran with heavy economic pressure.
The latest move comes as the Trump administration continues to use sanctions and other economic tools to put pressure on Tehran.
The US, along with the United Nations and European Union, has imposed sanctions, trade restrictions and asset freezes on Iran for decades. The measures have been linked to Iran’s nuclear programme, human rights record and support for militant groups.
Since the war between Iran and Israel began in February, the US has added more sanctions targeting Iran’s shipping, energy and financial sectors. Washington has also launched a naval blockade.
More than 1,000 Iran-linked targets sanctioned
The US Treasury Department’s Office of Foreign Assets Control has sanctioned more than 1,000 people, ships and aircraft since Trump began his second term, according to Treasury data cited by Reuters.
Recent measures have mainly targeted Iran’s “shadow” oil tanker fleet, shipping insurers, weapons procurement networks and digital exchanges.
The action against cryptocurrency exchanges has also had a major impact. Estimates suggest that around $500 billion in Iran-linked cryptocurrency has been frozen as a result of the measures.
But sanctions experts say Washington still has several options if it wants to put even more pressure on Iran.
Chinese oil buyers could be next
One possible target is China’s network of small independent refineries, often known as “teapots”.
These refineries account for about a quarter of China’s refining capacity and buy a large share of the Iranian oil imported by China. According to 2025 figures from analytics firm Kpler cited by Reuters, China buys more than 80% of Iran’s oil exports.
The smaller refineries have traditionally been harder for Washington to pressure because they have little exposure to the US financial system.
Another possible target is Chinese banks
The Treasury has already sanctioned smaller financial companies in China and Hong Kong that it says were involved in handling payments linked to Iranian oil.
Reuters reported that two larger Chinese banks have also been warned that they could face sanctions if Iranian money moves through their systems. They have not been sanctioned so far.
Taking action against major Chinese banks, however, could have much wider consequences. Experts say it could affect the global financial system and could also lead to retaliation from Beijing, particularly at a time when Trump and Chinese President Xi Jinping are reportedly expected to meet.
US may target companies helping Iran bypass sanctions
Speaking to Reuters, Brett Erickson of Obsidian Risk Advisors said simply sanctioning individual companies has not done much to change Iran’s behaviour.
He described the approach as a “whack-a-mole” problem because once one front company is sanctioned, another can quickly take its place.
Miad Maleki of the Foundation for Defense of Democracies said Bessent’s comments could mean tougher action against oil shippers, buyers and currency exchangers.
The US could also introduce new aviation-related sanctions linked to its blockade of the Strait of Hormuz, Reuters reported.
A land blockade is another option
Some US and Israeli officials have also discussed cutting off Iran’s overland trade routes.
Such a move would require cooperation from several of Iran’s neighbours, including Iraq, Turkey, Pakistan, Afghanistan, Turkmenistan, Azerbaijan and Armenia.
The Trump administration could have some leverage with Pakistan and Turkey.
Pakistan has been seeking a currency swap line from the US Treasury, while Turkey wants to return to the F-35 fighter jet programme.
Trump could still target Iran’s trading partners
Trump has repeatedly threatened to impose tariffs on countries that continue doing business with Iran.
However, the US Supreme Court has struck down the legal basis for using tariffs in that way. A Russia sanctions bill that recently passed the Senate also contains new sanctions against Iran and gives Trump tariff powers that could potentially be used against countries trading with Tehran.
The bill still needs approval from the House of Representatives. There are concerns among both Republicans and Democrats about the tariff provisions.