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Bessent Says US Waging 'Greatest' Economic War on Iran
(MENAFN) Treasury Secretary Scott Bessent declared Tuesday that the United States is executing an unprecedented squeeze on Iran's economy, telling lawmakers the campaign is inflicting mounting damage on Tehran and its financial partners worldwide.
"The strength of our economy has allowed the United States to wage the greatest economic isolation campaign in history against the Islamic Republic of Iran and its enablers," Bessent said in opening remarks before the House Financial Services Committee, which convenes annually with the Treasury chief to assess the global financial system.
Bessent credited President Donald Trump with pursuing steps against Tehran that earlier administrations had sidestepped. "Under his leadership, America is no longer managing the Iranian threat; we are ending it," he said, framing US economic muscle as the source of Washington's negotiating leverage.
He painted a bleak picture of Iran's domestic economy, describing conditions as "dire straits" marked by a plunging currency and runaway prices. "We have seen the currency collapse, we have seen inflation through the roof," Bessent said, adding that ordinary Iranians now endure three- to four-hour waits for gasoline because the country has been forced to import fuel.
Bessent tied the fallout to two overlapping efforts: a broad US blockade and Operation Economic Outcast, a Treasury initiative launched in August to dismantle financial networks that help Iran dodge sanctions. "Economic Outcast is possible because of the blockade," he said, noting Treasury had spent months tracing the payment channels Iran relies on. The operation formally began Aug. 24 with the stated goal of cutting off the financial pathways Iran uses to sell oil and generate sanctioned revenue.
Looking ahead, Bessent warned that enforcement against sanctions-evasion facilitators would soon intensify, with new measures set to "start biting" on Sept. 23 before reaching full force. He had a blunt message for those enabling Tehran: "We know, for those of you who are enabling the regime, you know who you are, we know who you are," vowing Treasury would wield its sanctions powers "very vigorously."
On the diplomatic front, Bessent pointed to the UAE's recent pledge to curb financial dealings and trade with Iran, and confirmed Treasury had sanctioned Dubai branches of an Egyptian bank accused of funneling more than $1.8 billion to Iran since 2025.
He also signaled progress with Beijing. "With China, we have had some very good private discussions," Bessent said, adding that talks would continue this weekend when he meets Chinese Vice Minister Liao Min, and again during President Xi Jinping's planned spring state visit.
"The strength of our economy has allowed the United States to wage the greatest economic isolation campaign in history against the Islamic Republic of Iran and its enablers," Bessent said in opening remarks before the House Financial Services Committee, which convenes annually with the Treasury chief to assess the global financial system.
Bessent credited President Donald Trump with pursuing steps against Tehran that earlier administrations had sidestepped. "Under his leadership, America is no longer managing the Iranian threat; we are ending it," he said, framing US economic muscle as the source of Washington's negotiating leverage.
He painted a bleak picture of Iran's domestic economy, describing conditions as "dire straits" marked by a plunging currency and runaway prices. "We have seen the currency collapse, we have seen inflation through the roof," Bessent said, adding that ordinary Iranians now endure three- to four-hour waits for gasoline because the country has been forced to import fuel.
Bessent tied the fallout to two overlapping efforts: a broad US blockade and Operation Economic Outcast, a Treasury initiative launched in August to dismantle financial networks that help Iran dodge sanctions. "Economic Outcast is possible because of the blockade," he said, noting Treasury had spent months tracing the payment channels Iran relies on. The operation formally began Aug. 24 with the stated goal of cutting off the financial pathways Iran uses to sell oil and generate sanctioned revenue.
Looking ahead, Bessent warned that enforcement against sanctions-evasion facilitators would soon intensify, with new measures set to "start biting" on Sept. 23 before reaching full force. He had a blunt message for those enabling Tehran: "We know, for those of you who are enabling the regime, you know who you are, we know who you are," vowing Treasury would wield its sanctions powers "very vigorously."
On the diplomatic front, Bessent pointed to the UAE's recent pledge to curb financial dealings and trade with Iran, and confirmed Treasury had sanctioned Dubai branches of an Egyptian bank accused of funneling more than $1.8 billion to Iran since 2025.
He also signaled progress with Beijing. "With China, we have had some very good private discussions," Bessent said, adding that talks would continue this weekend when he meets Chinese Vice Minister Liao Min, and again during President Xi Jinping's planned spring state visit.
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