Treasury Secretary Scott Bessent said Monday that the U.S. is launching an “economic onslaught” to isolate Iran from the global economy, warning that countries and businesses that do any business with Tehran will risk provoking U.S. sanctions.
“Let there be no ambiguity as to the position of the United States: An economic engagement of any kind with this murderous regime will expose those responsible to the full reach of American power,” Bessent told reporters at a press conference held at the Treasury Department
Bessent said the U.S. was sanctioning more than 60 individuals, vessels, and entities worldwide that the U.S. believes have been enabling the regime to sell its oil around the world, procure nuclear and missile technology, and carry out cyber attacks.
He announced that President Donald Trump is calling world leaders with “specific requests to cease their interactions with the regime.” Those countries will face a defined timeline to comply with U.S. policy or face sanctions themselves. Bessent declined to specify the timeline.
Besssent described this as an “economic onslaught” against Iran. “This is economic asphyxiation of the regime,” he said.
Bessent said the U.S. is calling the new era of economic pressure on Iran “Operation Economic Outcast.” The U.S. government has “mapped every node, every facilitator and every network that Iran has used to smuggle oil and evade sanctions.”
Countries and businesses that refuse to comply could find themselves shut out of access to dollars.
Bessent did not name which countries and businesses were the focus of the U.S. efforts, saying that the U.S. prefers quiet diplomacy at this point. He did say he expected a major financial institution to face sanctions later this week.
Asked specifically about China and Chinese banks who are widely thought to be facilitating trade with Iran, Bessent said “no one is above the reach of US sanctions.”
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