US Treasury Chief Vows to Cut Every Economic Lifeline of Iran

United States Treasury Secretary Scott Bessent has vowed to sever every major economic lifeline sustaining Iran, warning countries and businesses that continue dealing with Tehran that they could face consequences under expanded US sanctions.

Bessent said the Trump administration was intensifying its economic pressure campaign against Iran as Washington seeks to weaken the country’s ability to finance its activities.

“Our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone,” Bessent said at a press conference on Monday.

He described the strategy as an “economic asphyxiation” campaign and warned that countries that refused to participate in the US pressure campaign could “share in the isolation” imposed on Iran.

The Treasury Secretary said Washington would target financial networks and economic sectors that Iran relies on to generate revenue and sustain its economy.

The US Treasury Department said it had issued determinations against five critical sectors used by the Iranian regime, including digital assets, technology, gold, aviation and shipping.

Bessent also warned financial institutions and other entities involved in laundering money on behalf of Iran that they could be cut off from the US dollar system.

Asked whether Chinese banks dealing with Iran could face sanctions, Bessent said no entity was beyond the reach of US sanctions.

The Treasury chief said President Donald Trump was also engaging world leaders and urging them to reduce or end economic interactions with Tehran.

The latest measures come amid the continuing conflict involving Iran, Israel and the United States, with stalled peace talks and disruptions to shipping through the strategically important Strait of Hormuz.

Bessent had earlier described the campaign against Tehran as an “economic D-Day”, signalling a significant escalation in Washington’s efforts to isolate Iran economically.