Treasury Secretary Scott Bessent is set to hold a press conference Monday to announce a major new round of sanctions against Iran. Bessent described the effort to CNBC as the greatest campaign of coordinated economic isolation in the history of the world.
According to CNBC, Bessent published an opinion piece in the Financial Times on Sunday laying out the administration's position before the formal announcement. In that piece, he wrote: "At dawn begins an economic D-Day — the single greatest financial offensive ever marshalled against an adversary."
The announcement follows statements Bessent made to CNBC on Thursday, where he said the U.S. will "collapse" the Islamic Republic with the "toughest sanctions in history." He also made clear that the administration expects other countries to fall in line. "We are going to them and saying you are either with us or against us," Bessent told CNBC. "It is time for our allies and the rest of the world to make a decision, and we are going to squash the economy of this murderous regime."
President Donald Trump framed the effort in similar terms last week, saying the U.S. will target Iran with the most crushing economic operation ever taken against any country. Trump also threatened severe financial penalties against any nation that helps Iran evade sanctions, posting on Truth Social that the campaign would be economic warfare and isolation on an unprecedented scale.
Iran has not backed down. The Islamic Revolutionary Guard Corps dismissed the threats through state media on Sunday. An IRGC spokesperson said Iran has ways "to counter the adverse effects of the enemy's war" and that it can "easily establish economic relations with countries." The spokesperson also reframed the U.S. announcement: "The U.S. president says that he ordered an economic war and launched the most severe economic campaign against Iran. This amounts to an implicit admission of the enemy's humiliating defeat in the military arena."
Analysts are watching how much practical effect the new sanctions will actually have. Helima Croft, head of global commodity strategy at RBC Capital Markets, noted to CNBC that Iran is already one of the most sanctioned countries in the world. She said it remains unclear whether additional economic pressure will change Tehran's behavior.
Croft said Iran appears to believe it can outlast a Trump administration that wants the conflict to end quickly. She also pointed out that Tehran retains the ability to attack ships in the Strait of Hormuz and infrastructure across the Middle East. "Iran still has significant disruptive capabilities," Croft said. "The question is how is this going to change with additional economic sanctions."
Bessent's press conference is scheduled for Monday morning.
