What did Scott Bessent say the U.S. wants to do to Iran's economy?

Bessent said Washington wants to sever every economic lifeline that sustains the Iranian regime. He called the effort economic asphyxiation and said the United States would hold everyone accountable.

What warning did Bessent give to countries and banks that keep dealing with Iran?

He said countries that refuse to join the pressure campaign would share in Iran’s isolation. He also said no one is above the reach of U.S. sanctions, including any entity that helps Iran launder money.

US Treasury chief vows to cut every 'economic lifeline' of Iran

Q: Which sectors did the U.S. Treasury target in its new Iran sanctions move?

The Treasury Department said it issued determinations against five critical sectors: digital assets, technology, gold, aviation, and shipping. It said the Iranian regime uses those sectors to prop up its failing economy.

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Summary

U.S. Treasury Secretary Scott Bessent on Monday outlined plans for the economic asphyxiation of Iran in Washington. He said the United States aims to sever every economic lifeline that sustains Tehran and warned countries that do not join the sanctions campaign they would share Iran’s isolation. The Treasury Department said it targeted five sectors: digital assets, technology, gold, aviation, and shipping. Bessent also said any entity that helps Iran launder money would be removed from the U.S. dollar system.

Key Facts

Bessent said the Treasury Department had issued determinations against five sectors used by the Iranian regime: digital assets, technology, gold, aviation, and shipping.
He warned that any entity facilitating money laundering on behalf of Iran would be removed from the U.S. dollar system.
Bessent said countries that do not join U.S. sanctions would share in Iran’s isolation.
He earlier described the campaign in a Financial Times column as an economic D-Day against Tehran.
The article says the war between the United States and Israel and Iran began after a massive wave of bombing on February 28.

By AFP

Published Aug 25, 2026 2:54 am KST

U.S. Treasury Secretary Scott Bessent speaks to reporters at the White House in Washington, D.C., Aug. 20. Reuters-Yonhap

WASHINGTON — U.S. Treasury Secretary Scott Bessent on Monday laid out plans for the "economic asphyxiation" of Iran, expanding Washington's secondary sanctions threats and warning of dire consequences for countries that decline to join the pressure campaign.

Bessent's address comes almost six months into a war on Tehran that has ground to a stalemate, with stalled peace talks and Iran preventing most traffic through the crucial Strait of Hormuz.

"Around the globe, our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone," Bessent told a press conference.

"We are going to hold everyone accountable, and this is economic asphyxiation of this regime."

He added that countries not joining U.S. sanctions would "share in the isolation" of Iran, and noted that Trump is making phone calls to world leaders with requests to stop their interactions with Tehran.

The Treasury Department said Monday that it has "issued determinations against five critical sectors — digital assets, technology, gold, aviation, and shipping — that the Iranian regime uses to try to prop up its failing economy."

Bessent, meanwhile, vowed that any entity "that facilitates money laundering on behalf of Iran will be removed from the U.S. dollar system."

Asked if Chinese banks dealing with Iran could be targeted, Bessent said "no one is above the reach of U.S. sanctions."

The Treasury chief earlier declared that an "economic D-Day" had begun against Tehran, in a column for the Financial Times.

The United States and Israel triggered the Middle East war with a massive wave of bombing against Iran on February 28, sparking Iranian retaliation across the region.

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