&imwidth=800&imheight=600&format=webp&quality=medium "'We will block every source of revenue for Iran': Scott Bessent announces new sanctions after warning of ‘economic D-Day’ for Tehran")
US Treasury Secretary Scott Bessent on Monday (August 24) unveiled plans for the ‘economic asphyxiation’ of Iran, widening Washington's secondary sanctions campaign and warning countries that refuse to participate of potential consequences. Bessent's remarks came nearly six months into the war with Tehran, which has reached a stalemate amid stalled peace negotiations and Iran's restrictions on much of the traffic through the strategically vital Strait of Hormuz.
"Around the globe, our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone," Bessent told a press conference on Monday. “We are going to hold everyone accountable, and this is economic asphyxiation of this regime.” Scott Bessent said countries that choose not to join the US sanctions campaign would "share in the isolation" of Iran. He also said President Trump was contacting world leaders to urge them to halt their dealings with Tehran.
The Treasury Department said on Monday (August 24) it had 'issued determinations against five critical sectors, digital assets, technology, gold, aviation, and shipping, that the Iranian regime uses to try to prop up its failing economy." Scott Bessent also warned that any entity "that facilitates money laundering on behalf of Iran will be removed from the US dollar system."
Asked whether Chinese banks doing business with Iran could face sanctions, Scott Bessent responded that “no one is above the reach of US sanctions.” Earlier, Bessent described the escalating campaign against Tehran as an ‘economic D-Day’ in an opinion piece published by the Financial Times. The United States and Israel launched the Middle East war with a major wave of strikes against Iran on February 28, 2026, prompting Iranian retaliation across the region.
