Bessent to announce 'toughest in history' Iran sanctions

Treasury Secretary Scott Bessent will hold a press conference Monday to announce sanctions against Iran, which he described to CNBC as the greatest campaign of "coordinated economic isolation in the history of the world."

In an opinion piece published in the Financial Times on Sunday, Bessent wrote that the measures amount to "an economic D-Day" and "the single greatest financial offensive ever marshalled against an adversary." He told CNBC on Thursday that the U.S. will "collapse" the Islamic Republic with the "toughest sanctions in history."

The administration is demanding that U.S. allies and the rest of the world stop doing business with Iran. Bessent said the U.S. will use its "full might" against anyone who does not comply. "We are going to them and saying you are either with us or against us," he 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."