Bessent says US is intensifying economic pressure on Iran
US Treasury Secretary Scott Bessent said during a hearing at the House Financial Services Committee that the United States is conducting against Iran and those assisting it “the largest economic isolation campaign in history.” According to him, this pressure is having an increasingly noticeable impact on the Iranian economy.
As Anadolu Agency reports, Bessent said that President Donald Trump had taken measures against Iran that previous administrations had postponed. According to the Treasury chief, the US administration seeks not to manage the Iranian threat but to end it.
Statements on the state of the Iranian economy
Bessent described the state of the Iranian economy as severe. He said the national currency had collapsed, inflation was rising rapidly, and gasoline lines lasted from three to four hours. According to the official, Iran is forced to import fuel.
More current news is available on the UA.News Telegram channel Telegram.
He linked this pressure to the US blockade and Operation Economic Outcast, which the US Treasury launched on August 24. The campaign aims to cut off financial channels that, according to US authorities, Iran uses to sell oil, evade sanctions, and generate revenue. Bessent also said that the department had spent several months studying the nodes of payment networks used by Tehran.
Tightening sanctions oversight
The secretary said the United States would strengthen oversight of entities that US authorities accuse of facilitating Iranian trade and sanctions evasion. According to him, measures against such intermediaries will begin to have a noticeable effect on September 23, and their enforcement will be fully ensured.
Bessent also said that the United Arab Emirates had announced steps to reduce financial transactions and trade with Iran. In addition, according to him, the US Treasury imposed sanctions on branches of an Egyptian bank in Dubai that have transferred more than $1.8 billion to Iran since 2025. He added that the United States is holding private discussions with China and plans to continue them during a meeting with Deputy Minister Liao Min.
