Treasury Secretary Scott Bessent to unveil new economic sanctions on Iran

News Treasury Secretary Scott Bessent to unveil new economic sanctions on Iran, on what President Trump has called "economic D-Day" August 24, 20268:26 AM ET By  Fatima Al-Kassab ,  Hadeel Al-Shalchi ,  Emily Feng Treasury Secretary Scott Bessent speaks to members of the media outside the White House in Washington, Thursday, Aug. 20, 2026. Jacquelyn Martin/AP hide caption toggle caption Jacquelyn Martin/AP Treasury Secretary Scott Bessent is expected to unveil a new round of economic sanctions on Iran on Monday, in what he has described as the "single greatest financial offensive ever." President Trump has called it an "economic D-Day" and pledged to go after other countries who extend an economic lifeline to Tehran. In anticipation, the Iranian currency, the Rial, has plunged to a record low. What are these new sanctions and how much more pressure can they pile on? The U.S. already has extensive sanctions on Iran, some stretching back almost 50 years, and as recently as June had imposed further penalties for entities that helped Iran evade existing financial restrictions. There has also been a months-long U.S. naval blockade of Iran, which has cut off most goods to Iran from the outside world. Sponsor Message This latest suggestion from President Trump and Secretary Bessent appears to be focused on putting more pressure on the countries and governments — not just the businesses — that host the entities providing cashflow for Iran. In an editorial for the Financial Times published overnight, Bessent wrote, "our objective is to sever every economic lifeline that sustains the tyrannical regime until Tehran stands alone." He appeared to reference countries that still trade with Iran, saying they should "consider the consequences of doing so." That includes China, Iran's biggest oil customer, which Bessent criticized last week for historically buying about 90 percent of Iran's oil. But some analysts question the actual utility of fresh economic sanctions....