LIVE: Treasury Secretary Scott Bessent holds press conference on planned Iran sanctions

Overview

Treasury Secretary Scott Bessent announced the start of “Operation Economic Outcast,” described as an unprecedented, sustained sanctions campaign aimed at cutting off Iran’s global financial and commercial connections. He framed the effort as an “economic D-Day,” arguing the U.S. will use sanctions to sever Iran’s revenue lifelines worldwide, forcing Iran toward either “complete global isolation” or a return to the global economy in exchange for compliance.

Key claims and objectives

• The U.S. says Iran remains a major threat, including via terrorism, regional conflict, and efforts toward nuclear weapons; the campaign is meant to prevent Iran from ever obtaining nuclear weapons.
• Treasury says it has mapped “every node” in Iran’s networks used to smuggle oil and evade sanctions, and will apply a “zero leakage” approach to prevent any revenue sources for the IRGC and Iran’s regime.
• Bessent emphasized that the U.S. will target not only Iranian actors but also “enablers”—including transporters, exchange houses/free trade zones, airlines, banks, and those facilitating maritime/overland transfers.

Scope of sanctions mentioned

• New sectoral sanctions determinations issued that day target five major lifelines: digital assets, technology, gold, aviation, and shipping.

• Treasury’s OFAC was also said to be sanctioning over 60 entities, individuals, and vessels tied to enabling illicit nuclear/missile technology, cyber operations, and oil revenue.

Secondary sanctions and “no one is above” policy

• Asked whether Chinese banks and shipping firms would be targeted, Bessent responded that “no one is above” U.S. sanctions. He said any institution facilitating transactions within Iran’s oil-to-money pipeline can be targeted.
• He said the U.S. is using “quiet diplomacy” and setting expectations with countries and entities, but reiterated that if they do not comply, the U.S. will act—implying secondary sanctions are on the table.

Engagement and timelines

• The president was described as calling world leaders to demand they stop interactions with Iran, with Treasury/State/military follow-ups to deliver specific timelines.
• When pressed for how long those timelines are, Bessent declined to provide exact dates, stating there is no “infinite patience.” He warned consequences would follow quickly.

Enforcement examples and escalation language

• Treasury cited that Iran-related financial channels will be removed from the U.S. dollar system if they facilitate money laundering for Iran.
• A specific example was given that Bank Melli’s branches are expected to be shuttered.
• Bessent suggested sanctions would come in waves and indicated an expectation of additional major announcements soon (including by the end of the week, per his remarks).

Questions on broader U.S. financial policy (bond yields and buys)

In separate Q&A:

• Bessent said the U.S. is continuing regular Treasury auctions and will hear from it at the beginning of next quarter.
• He stated they have not bought any bonds yet, and referenced the next bond-related operation date as September 9.

Other remarks (UAE and Canada)

• UAE: Asked about the UAE, Bessent implied its recent actions were likely connected to U.S. pressure, praising it as a partner and arguing that appeasement of Iran does not work.
• Canada: A question about Canada’s political status was answered as a call for Canada to negotiate in good faith, with no further tie-in to sanctions beyond the political response.

Presenters / contributors

• Scott Bessent (U.S. Treasury Secretary) — main speaker
• David (Reuters) — questioner
• Richard (CBS) — questioner
• Jennifer Shawn Burgener (Yahoo Finance) — questioner
• Josh (New York Post) — questioner
• Samira (Sky) — questioner
• Gene Wang (Acting Under Secretary for Terrorism Finance / U.S. Treasury) — quoted/mentioned explanation
• OFAC (Office of Foreign Assets Control) — referenced (acting through Treasury)