Treasury Secretary Bessent to Announce New Iran Sanctions Package

A broad sanctions announcement targeting Iran's economy signals an escalation in U.S. economic pressure tools, the full scope and enforcement mechanisms of which remain to be detailed in public...

Treasury Secretary Scott Bessent is scheduled to hold a news conference to announce a new package of sanctions targeting Iran's economy, according to reporting by The New York Times published August 24, 2026. The announcement was described using the phrase 'Economic D-Day,' a term attributed to the Treasury Department's characterization of the measures, per the Times report.

The Treasury Department's Office of Foreign Assets Control (OFAC) is the statutory body responsible for administering and enforcing economic and trade sanctions. Any formal sanctions designations are published in the Federal Register and on the OFAC website as official public records. As of the time of publication, no new Iran-related designations had been posted to the OFAC sanctions list at sanctions.ofac.treas.gov.

Congress holds concurrent authority over Iran sanctions policy through legislation including the Iran Sanctions Act of 1996 and subsequent statutory amendments. Executive branch sanctions actions taken under the International Emergency Economic Powers Act (IEEPA) do not require prior congressional approval, though they are subject to congressional review under the National Emergencies Act (50 U.S.C. 1601 et seq.). The specific legal authority under which the Bessent announcement will be made is not yet identified in public records.

The economic scope of the measures, including which sectors, entities, or individuals would be designated, was not detailed in pre-announcement reporting. Dollar figures associated with sanctioned transactions or asset freezes, if any, would appear in accompanying Treasury press releases and OFAC Federal Register notices.

What remains unknown includes the full list of designations, the specific IEEPA or statutory authority cited, any coordination with allied governments, and whether Congress was briefed in advance. The OFAC public database, the Federal Register, and the official Treasury press release from the news conference are the documents that would answer these questions.