US Treasury Secretary Scott Bessent has announced the launch of an economic D-Day against Iran, describing the campaign as the single greatest financial offensive ever directed at an adversary. Bessent told CNBC that the sanctions will be the toughest in history.
The Treasury Secretary is expected to explain the new round of economic pressure measures on Monday, following a U.S. vow to impose an unprecedented level of economic warfare and isolation. These measures come as military and diplomatic means to end the war with Iran have stalled.
The escalation occurred after both sides missed a 60-day ceasefire window to reach a deal, effectively closing off the formal truce mechanism to end the six-month war.
In response, Iran has vowed to shut down all oil exports from the Gulf if the economic war continues.