United States Treasury Secretary Scott Bessent has announced a new\nphase of Washington\u2019s economic campaign against Tehran. This time, the\nUS is not only targeting Iranian institutions already under sanctions,\nbut also the international networks used by Tehran to keep money and\ngoods moving.<\/p>\n
On 24 August 2026, Bessent said the US would target \u201cfive pillars\nsupporting Iran\u2019s economy\u201d: digital assets, technology, gold, aviation,\nand shipping. He also warned foreign parties helping Iran move money\nillegally.<\/p>\n
\u201cAny entity that facilitates money laundering for Iran will be\nremoved from the US dollar-based financial system,\u201d Bessent stressed.\n\u201cThe countdown starts now.\u201d<\/p>\n
This approach represents an effort to tighten secondary sanctions by\npressuring companies, financial intermediaries, and trading partners\noutside Iran, rather than simply adding restrictions to an already\nheavily sanctioned economy.<\/p>\n
The US announced measures against around 60 individuals, entities,\nand vessels. However, Washington did not target major Chinese banks.\nThis reflects the limits of how far the US is willing to enforce\nsanctions against Iran\u2019s largest remaining trading partner.<\/p>\n
For years, Iran has relied on networks outside the formal banking\nsystem to move money. Currency exchange houses, gold, cryptocurrency,\nshell companies, and opaque shipping networks have helped Iran evade\nsanctions.<\/p>\n
The latest US strategy appears designed to make those methods more\ndifficult by raising costs for foreign intermediaries, and it comes at a\nvulnerable time for Iran.<\/p>\n
Iranian oil exports have fallen sharply as the US disrupts Iranian\noil shipments. Deliveries to China, Iran\u2019s main oil customer, fell to\naround 534,000 barrels per day in August 2026 from 823,000 in July 2026\nand from a peak of around 1.58 million barrels earlier this year.<\/p>\n
According to official data cited by Reuters, food prices inside Iran\nwere reported to have risen by around 128% year-on-year in July\n2026.<\/p>\n
The Iranian currency has lost so much value that many transactions,\nincluding property and car sales, are now conducted in US dollars.\nAdvertisements are sometimes even listed with prices in dollars.<\/p>\n
The pressure is increasingly visible in everyday businesses. A\nbuilding materials seller in Tehran told DW that inflation has become so\nsevere that storing goods in a warehouse is sometimes more profitable\nthan selling them.<\/p>\n
\u201cIf I keep something in the warehouse for a month, its price may rise\nmore than the profit I would get if I sold it today,\u201d he said.<\/p>\n
He also runs a stone-cutting business and said fulfilling old\ncontracts is becoming increasingly difficult because replacement\nmaterials can be far more expensive a few weeks later. Raising prices is\nnot an easy solution either.<\/p>\n
\u201cIf I raise prices beyond a certain point, no one can afford to buy,\u201d\nhe added.<\/p>\n
The restrictions are also disrupting how private companies pay\nsuppliers, import raw materials, and retain workers.<\/p>\n
An Iranian citizen working at a trading company told DW that more\nthan 70% of its employees have been laid off in the past six months. The\ncompany imports raw materials for various personal care products and\npreviously made payment transfers through exchange houses.<\/p>\n
\u201cNow not a single currency exchange house is willing to work with\nus,\u201d the employee said.<\/p>\n
The impact is also spreading to Iranian entrepreneurs abroad. An\nIranian businessman who moved to Dubai told DW that he previously owned\nseveral cosmetics and hygiene product brands in Iran. Import\nrestrictions and difficulties obtaining raw materials eventually pushed\nhim to relocate.<\/p>\n
Initially, the situation in Dubai was much easier to manage. But\nsince the war, that has changed, he said.<\/p>\n
\u201cCurrently, having an Iranian passport makes almost every transaction\nmore difficult,\u201d he told DW.<\/p>\n
He said Iranian entrepreneurs are increasingly unsure whether banks\nwill keep their accounts or whether residency rules could be\ntightened.<\/p>\n
\u201cIn an environment where there is no stability and the outlook is\nunclear, you cannot really run a business,\u201d he said.<\/p>\n
Alireza Salavati, a political economy analyst based in London, is\nsceptical that the new US measures will produce a fundamental strategic\nshift. Iran is already sanctioned in almost all major sectors, he told\nDW. Further restrictions may be more about expanding enforcement of\nexisting networks than creating an entirely new form of economic\npressure.<\/p>\n
\u201cThe main impact is likely to be psychological, exacerbating\ninflation expectations,\u201d Salavati said.<\/p>\n
Salavati also warned that economic pressure could weaken\nmiddle-income and professional groups that have traditionally been a\nspace for more moderate politics. Rather than producing rapid political\nchange, he said, this pressure could deepen polarisation and push the\nstate to reduce already limited subsidies and social assistance.<\/p>\n
There is another paradox worth noting. The more the United States\nrestricts formal financial channels, the stronger the incentive to\ndevelop informal ones. Iran\u2019s sanctions economy has already created\ncomplex intermediary networks, cryptocurrency transfers, shell\ncompanies, cash transactions, and unofficial currency markets. Closing\none channel may simply make transactions more expensive without\nnecessarily stopping them.<\/p>\n
\u201cThe broader consequences are likely to be erosive rather than\ntransformative,\u201d Salavati said.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/can-new-us-sanctions-cripple-irans-shadow-economic-network-1787727153", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }