Treasury Secretary Scott Bessent announced what he called an “unprecedented” US campaign to sever Iran from the global economy, warning that any state doing business with the country risks facing US sanctions.
“We are launching an economic onslaught against Iran’s financial connections around the globe,” Bessent said at a press conference in Washington. He called the move “economic asphyxiation of this regime.”
Bessent said President Donald Trump is calling world leaders with “specific requests to cease their interactions with the regime.” He said countries have what he called a defined timeline to shut down economic cooperation with Iran, and if they don’t, Treasury will act unilaterally.
Bessent said the US was focusing on five of Iran’s “most vital lifelines,” including digital assets, technology, gold, aviation and shipping. But he declined to set a timeline for US action or say what specifically the US would do.
In April, Bessent had announced what he called “Economic Fury” against Iran and warned that the administration was prepared to deploy secondary sanctions against foreign financial institutions “that continue to support Iran’s activities.”
Asked on Monday if the US was prepared to cut off major Chinese banks for facilitating trade with Iran, Bessent said “no one is above the reach of US sanctions.” He didn’t mention China — or any other country — by name, saying the best way to engage was through quiet diplomacy.
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