Treasury Secretary Bessent Unveils 'Economic D-Day' Sanctions Campaign Against Iran

August 24, 2026 — Treasury Secretary Scott Bessent moved to unveil what he called 'the single greatest financial offensive ever marshalled against an adversary' against Iran, following through on President Trump's Aug 20 threat after the Islamabad MOU's 60-day window lapsed. In a Financial Times op-ed published ahead of a Monday press conference, Bessent wrote 'at dawn begins an economic D-Day,' framing the measures as the 'endgame' of Washington's pressure campaign, with the stated objective to 'sever every economic lifeline that sustains the tyrannical regime until Tehran stands alone.' The package is expected to layer new secondary sanctions on nations, banks and shipping networks that keep buying Iranian oil or processing its finances — chiefly targeting China (roughly 90% of Iran's oil exports per Bessent), as well as Turkey and India — on top of the existing naval blockade and banking, energy, aviation and crypto sanctions already in place. Iran's security chief said the country would not yield and that the Strait of Hormuz would stay effectively closed to normal traffic until Washington meets its own commitments; the Iranian rial hit a record low and oil prices dipped as markets awaited the announcement's details.