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Washington — Treasury Secretary Scott Bessent is holding a press conference Monday at the Treasury Department as the Trump administration announces the details of what it’s calling “economic D-Day” for Iran.
Bessent is expected to broaden the administration’s current sanctions regime with the threat of stronger secondary sanctions on entities and countries that transact with Tehran. The sanctions are part of the Trump administration’s effort to apply economic tools to pressure Iran to reopen the Strait of Hormuz and eventually end the war that the administration originally said would last four to six weeks. That war is now in its sixth month.
After months of military operations and failed negotiations, Bessent plans to outline the “single greatest financial offensive ever marshaled against an adversary.”
“President Trump has dismantled Iran’s military capabilities, destroyed nearly 100 percent of its military factories, and buried its nuclear program,” Bessent wrote in the Financial Times on Sunday. “We are now entering the endgame. At dawn begins an economic D-Day — the single greatest financial offensive ever marshaled against an adversary.”
“The Islamic Republic has subsisted by dressing extortion as security guarantees,” Bessent continued. “It has drawn strength from a calculus that regards Iranian retaliation as certain and American enforcement as negotiable. Under President Trump, that era is over. And those who fear the danger of defying Tehran ought not to discount the cost of testing Washington. The president has created the conditions to leverage every agency, every authority and action many assumed we would never summon. Our objective is to sever every economic lifeline that sustains the tyrannical regime until Tehran stands alone.”
Mr. Trump has repeatedly declared Iran all but defunct, despite Iran’s continued resistance to U.S. military efforts.
“IRAN IS COMPLETELY COLLAPSING!!!” Mr. Trump wrote Monday morning on Truth Social. The president has been insisting Iran has fallen for months.
This will be the latest round of Treasury action that targets Iran’s economy. On Aug. 7, the department levied sanctions against a number of companies and individuals that it alleged laundered hundreds of millions of dollars. It was the eighth such action since the start of the second Trump administration.
“Every facilitator that keeps the regime afloat is putting a target on its own back,” Bessent said in a statement at the time. “Treasury will continue to expose these networks and cut them off from the U.S. financial system.”
Specifically, the department designated Shahr Bank and two Dubai-based exchange houses, Titan Exchange and Alps International, that it says helped Shahr Bank retrieve oil revenue for major Iranian exporters, including the National Iranian Oil Company and Naftiran Intertrade Co.
Several Iranian nationals were also designated, including Shahr Bank employee Saeed Ghasempour, who allegedly coordinated currency conversions with Russia’s VTB Bank, and staff members of Iran-based Farab Soroush Afagh Qeshm, who allegedly managed invoices and payments for the scheme. A cluster of shell companies in Hong Kong, Singapore and Dubai — accused of funneling payments through intermediary accounts — was also designated.
Separately, the Treasury Department’s Office of Foreign Assets Control sanctioned former Fly Baghdad CEO Basheer Abdulkadhim Alwan al-Shabbani for allegedly helping the Islamic Revolutionary Guard Corps-Qods Force move fighters, weapons, and money to militia groups in the region. Earlier this week, however, OFAC removed Fly Baghdad from its sanctions list.
The U.S. has been imposing sanctions on Iran for decades, although Tehran has often found ways to evade sanctions.
How to watch Bessent’s press conference
- What: Treasury Secretary Scott Bessent speaks on Iran
- Date: Monday, Aug. 24, 2026
- Time: 1 p.m. ET
- Location: Treasury Building
- Online stream: Live on CBS News 24/7
