Bessent to unveil ‘toughest sanctions in history’ on Iran Monday

US Treasury Secretary Scott Bessent is scheduled to hold a press conference at 2 p.m. EDT on Monday to detail what he has called "the toughest sanctions in history" against Iran, marking a deliberate pivot from military strikes to full economic isolation nearly six months into the US-Iran war.irishtimes+1

The announcement comes as Iranian President Masoud Pezeshkian acknowledged Sunday that his country faces "an all-out economic, military and security war," telling state television that Iran is grappling with "numerous challenges" including inflation, employment, and banking problems stemming from the sanctions campaign.thenationalnews+1

Tehran Issues Warnings

Mohsen Rezaei, secretary of Iran's Supreme National Security Council, warned Saturday that "any country that takes part in imposing economic restrictions on us will be regarded as an enemy," threatening "seismic" retaliation. He added that if the blockade of Iran continues, Tehran "will not allow a single drop of Persian Gulf oil to leave via any route," including alternative export pathways that bypass the Strait of Hormuz.aljazeera+1

The sanctions are expected to target Iran's economic relationships with third countries. Bessent has urged cooperation from China, which purchases more than 80 percent of Iran's shipped oil, declaring "you're either with us or against us." President Trump warned last week of "tremendous economic consequences" for any nation providing "any type of lifeline to Iran."thenews+1

Diplomatic Maneuvering Intensifies

China disclosed Sunday — nearly a week after it occurred — that Vice Foreign Minister Miao Deyu met with Iran's Deputy Foreign Minister Kazem Gharibabadi in Beijing on August 17, with Beijing reaffirming it is "actively committed to promoting peace talks." Pakistan's army chief, Field Marshal Asim Munir, is expected in Tehran on Monday as Islamabad continues mediation efforts, while Saudi Crown Prince Mohammed bin Salman arrived in Paris Saturday for talks with French President Emmanuel Macron focused on expanding pipeline capacity to bypass Hormuz.bloomberg+2

War's Toll and Stalemate

The shift to economic warfare comes after a June ceasefire framework collapsed last month when Tehran resumed attacks on Hormuz shipping and Washington restarted air strikes. The 60-day window for peace talks expired last week. Since the war began on February 28, more than 3,600 people have been killed in Iran, including an estimated 2,100 civilians, while the US has reported over 750 military personnel wounded and 18 killed.abc+2

Iranian Foreign Minister Abbas Araghchi dismissed the sanctions push as "repetitive scenarios," saying Washington must speak to Tehran respectfully to find "a solution based on justice and honour."irishtimes