Mideast live: US unveils fresh sanctions to ‘sever every economic lifeline’ sustaining Iran
Countries allowing Iran money laundering to be removed from US dollar system, Bessent says
US Treasury Secretary Scott Bessent has announced expanded sanctions against Tehran aimed at destroying Iran’s economy.
«Around the globe, our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone,» Bessent said in a major address at a news conference in Washington.
Bessent said Washington would end access to the US dollar system for those laundering Iranian money.
«Any entity that facilitates money laundering on behalf of Iran will be removed from the US dollar system. The clock just started ticking,» Bessent told reporters.
Watch live: US Treasury Secretary Scott Bessent’s speech on ‘economic D-Day’ against Iran
Saudi Arabia’s national shipping company confirms vessel attacked in Red Sea
Saudi Arabia’s national shipping company Bahri confirmed in a statement on Monday that one of its
vessels, the «Amzan», had been attacked in the Red Sea.
Yemen’s Houthis say they attacked vessel off Saudi Arabia’s Yanbu
Yemen’s Iran-aligned Houthis say they attacked a vessel off Saudi Arabia’s Yanbu, the group’s military spokesperson Yahya Saree said on Telegram.
There was no immediate Saudi confirmation.
What could the new US sanctions on Iran entail?
US Treasury Secretary Scott Bessent has threatened «economic D-Day» against Tehran. But the US has maintained sanctions against Iran for decades, so what could the new, expanded sanctions entail?
Washington may try severing the trading relationship between China and Iran. Beijing has been one of the largest buyers of Iranian oil. Chinese banks could also be targeted.
But Iran has asserted its leverage over the Strait of Hormuz, giving it significant say over global oil prices.
Israel bars two Swedish MEPs from West Bank visit
Israel has said it refused entry to two Swedish deputies in the European Parliament who wanted to visit the occupied West Bank.
Jonas Sjostedt and Hanna Gedin, members of Sweden’s Left Party, were turned away Sunday at Israel’s Ben Gurion Airport, the primary gateway for visitors to the Palestinian territory.
Israel’s foreign ministry said the pair had «consistently acted against Israel», including by calling for international legal proceedings against Israelis.
«On various public occasions, they have spread false accusations against Israel, including allegations of genocide, deliberate starvation and the intentional targeting of children and medical personnel,» the ministry said in a statement.
Sjostedt in a Facebook post said that the two MEPs planned to meet human rights and charitable organisations, including Save the Children, and to visit Palestinian refugee camps.
«We were not going to meet the Palestinian Authority. The EU’s and Sweden’s embassies in Israel have protested against Israel’s decision,» they wrote.
Rawhi Fattouh, president of the Palestinian National Council, the West Bank-based legislative body, called on European parliaments to speak out against the exclusion of critical voices.
The denial of entry is «an attempt to impose silence by force and turn criticism of the occupation into an accusation, in clear disregard for international law and the moral immunity afforded to parliamentary work», he said.
Xi urges ‘diplomatic’ solution to Mideast crisis during talks with Jordan’s king in Beijing
Chinese President Xi Jinping has called for a «diplomatic» solution to the Middle East crisis during talks with Jordan’s King Abdullah in Beijing.
Xi also told the Jordanian monarch that the sovereignty of countries in the region should be respected.
China values Jordan’s «unique and important role in the region», Xi told Abdullah, and has «always advocated for a comprehensive ceasefire (and) resolving disputes through political and diplomatic means,» Xi said, according to a Chinese foreign ministry statement.
«(China) believes the sovereignty and security of regional countries including Jordan should be respected,» Xi said.
The Jordanian king has been on an official visit to China since August 18 — his ninth trip to the country since taking the throne in 1999.
Jordan, a US-allied kingdom, has been caught in the middle of Washington’s months-long war with Tehran.
China’s President Xi Jinping greets Jordan’s King Abdullah after a signing ceremony at the Great Hall of the People in Beijing, August 24, 2026. (Photo: Andres Martinez Casares, AP via pool)
Trump says Iran ‘collapsing’ ahead of sanctions announcement
President Donald Trump has said Iran is «collapsing» hours in a social media message posted hours before the US government is set to announce details of what it says will be crushing sanctions against Tehran.
«IRAN IS COMPLETELY COLLAPSING!!!» Trump posted in his trademark all-caps style on his social media platform Truth Social.
Iran central bank chief says currency weakness ‘temporary’
The governor of Iran’s Central Bank Abdolnaser Hemmati has said the depreciation of the country’s national currency was «temporary» as the Iranian rial, already battered by war, plummeted further in value.
«These increases (in prices of foreign exchanges) are temporary, meaning they fluctuate,» Hemmati said, according to the video of his remarks aired on state TV.
He blamed «American political propaganda» for much of the economic pain affecting Iran, adding that he was sure «the situation will improve and the problems will be resolved.»
Iran’s rial currency hits new record low as US prepares to announce more sanctions
Iran’s currency hit a record low Monday as Washington prepared to announce new sanctions it said would add further pressure on an economy already battered by previous sanctions and a US naval blockade.
The rial dropped to 2.02 million to the US dollar as trading opened on currency markets. Iran’s official Central Bank rate stood at around 1.5 million rial to the dollar, but the market rate is what most Iranians pay.
The currency had already been under pressure before the US and Israel attacked Iran on Febraury 28, as Iran faced double-digit inflation and negative growth, but has repeatedly hit new lows as nearly six months of war have taken an even greater toll.
Iran warns of a harsh response to anticipated US sanctions
Iran has warned that US sanctions set to be announced later Monday will not bring peace to the region.
Iran’s foreign ministry spokesperson warned that Tehran would respond harshly to expanded US sanctions, including measures against countries it sees as cooperating with Washington.
“Any escalation of this situation will undoubtedly bring about consequences,” Esmail Baghaei said. “Our hands are not tied.”
Hello and welcome to our live coverage of the conflict in the Middle East.
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