Bessent Unveils Economic D-Day Sanctions Push Against Iran

Treasury Secretary Scott Bessent is set to announce a new wave of economic sanctions against Iran, which he has dubbed an 'economic D-Day.' The measures aim to sever all remaining revenue streams for the Iranian government, including through secondary sanctions on countries and companies that facilitate Iranian oil trade.

The planned sanctions have put added pressure on Iran's currency, with the rial falling to a record low of 2.02 million to the US dollar on Monday. The International Monetary Fund has forecasted that Iran's economy will contract by more than 5% this year due to the ongoing war and economic strain.

President Donald Trump has warned countries whose financial institutions or businesses provide support to Iran to face 'tremendous economic consequences.' This could put significant pressure on trade partners, particularly China, which buys about 90% of Iran's oil exports.