Iran Faces 'Greatest Financial Offensive Ever', Says US Treasury Secretary Scott Bessent
The US treasury secretary has threatened Iran with "the single greatest financial offensive ever", claiming the US-Israel war with Iran was "entering its endgame".
Scott Bessent said the US would sever all economic ties with the country in "an economic D-Day" and that any nation partnering with Iran financially would also be isolated.
This comes after several U-turns and extended deadlines from US President Donald Trump's administration on previous threats.
Iran dismissed Bessent's comments, stating it would shut down all oil exports from the region "if the war continues", according to Reuters. The Iranian regime has also warned shipping not to pass through the Strait of Hormuz without its permission, the agency reported.
One fifth of the world's oil and gas usually passes through this strait, but flow has been blocked by Iran since the conflict began in late February.
Bessent made these comments in an opinion piece for the Financial Times. He did not detail the economic pressure on Iran, but is expected to do so at a press conference on Monday.
He wrote, "The world should understand that our objective is to sever every economic lifeline that sustains the tyrannical regime until Tehran stands alone".
The US has made several threats against Iran over its war with the country, including Trump's statement in April that "a whole civilisation will die tonight" unless Iran agreed a deal. The US eventually backed down after Pakistan intervened and called for diplomacy.
Iran already faces strict economic sanctions from the US. Former President Barack Obama and several US allies had agreed a deal with Iran in 2015, lifting many sanctions in return for Iran agreeing to limit its nuclear program. Trump pulled out of that deal in 2018.
During Joe Biden's presidency, there have been attempts to reinstate the Obama-era agreement, but these have not materialized. In April, the Trump administration imposed sanctions on foreign banks and companies doing business with Tehran after it became clear military operations had not led to Iran's regime surrendering.