Washington, D.C. — Treasury Secretary Scott Bessent is preparing to unveil what he calls the “toughest sanctions in history” against Iran on Monday, escalating the Trump administration’s economic campaign against Tehran and potentially putting new pressure on countries that continue buying Iranian oil.
Bessent said the administration intends to use the full weight of U.S. financial power to isolate Iran and target companies, banks and governments that facilitate its trade. China is expected to be a major focus because it remains Iran’s largest oil customer. Reuters reported that China imported an average of about 1.4 million barrels of Iranian crude per day in 2025, although shipments have recently declined.
The sanctions announcement comes amid worsening tensions over the Strait of Hormuz. Iranian officials have threatened retaliation against neighboring countries that cooperate with Washington’s economic campaign, while Tehran has also warned ships that violate its new transit rules could face fines, detention or cargo seizures.
Iranian Foreign Minister Abbas Araghchi has dismissed the looming sanctions as a “desperate” measure and argued that unilateral U.S. restrictions will not force Tehran to capitulate.
Markets are already reacting. Oil prices fell Monday as traders awaited details of the sanctions, while Iran’s rial fell to a record low against the U.S. dollar.
Bessent is scheduled to outline the administration’s measures during a Monday press conference.
Sources
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