WASHINGTON. D.C./TEHRAN/BEIJING: US Treasury Secretary Scott Bessent said on August 24 that the United States was preparing new secondary sanctions aimed at cutting off all possible sources of revenue for Iran.

He warned countries that they must reduce or end their economic ties with Tehran or risk facing retaliation from Washington.

Iran has lived under tough US sanctions for nearly five decades. Ahead of the expected announcement, Iran's currency fell to a new record low. It dropped to 2.02 million rials per US dollar when currency markets opened.

Bessent said countries and businesses could no longer continue operating in areas where Iran's activities were unclear or where they could avoid direct sanctions. The United States is threatening to impose secondary sanctions on countries and companies that continue trading with Tehran.

The Treasury secretary did not identify which countries could face the new measures. However, China, Turkey and the United Arab Emirates are Iran's three biggest trading partners.

Bessent made clear that Washington intended to take a tough position against countries continuing economic relations with Tehran. He said that any form of economic engagement with Iran's government could expose those involved to US action.

Earlier, Bessent had said that the United States would cut all economic ties with Iran in what he described as "an economic D-Day". He also warned that countries providing financial support to Iran could themselves become isolated.

The latest warning comes after several changes in position and extensions of deadlines by US President Donald Trump's administration over earlier threats against Iran and its economic partners.

Iran rejected Bessent's latest comments. Tehran also warned that it could stop all oil exports from the region if the conflict continues.

Iran has separately warned ships passing through the Strait of Hormuz that they could face restrictions if they break rules set by Tehran. Possible measures include fines, detention or confiscation of vessels, according to the Persian Gulf Strait Authority (PGSA), which issued the warning in a post on X.

The warning has increased the risks for shipowners and charterers whose vessels use the Strait of Hormuz, a major waterway through which a large amount of the world's energy supplies are transported.

The PGSA is a new Iranian body created to manage the strait. It said cargo owners should consult an updated list of vessels that Iran has classified as non-compliant for journeys connected to the Persian Gulf.

The authority also said vessels involved in activities such as ship-to-ship transfers or the movement of cargo between ships with non-compliant vessels would be placed on the restricted list.

Vessel operators seeking to remove their ships from the non-compliant list must submit a request to Iran's maritime authorities. They must also provide explanations supporting their request, according to the PGSA.

The developments have also drawn attention in China. In Beijing, China's foreign ministry said it would closely monitor the situation and take necessary steps to protect the country's interests as Washington prepares to announce new sanctions against Iran.

At a daily press conference on August 24, Chinese foreign ministry spokesperson Lin Jian called on all sides to remain rational and show restraint. He also argued that sanctions and pressure would not help settle the dispute.

Lin said, "Sanctions and pressure tactics do not help to resolve issues."