Bessent revealed that US President Donald Trump was making phone calls to world leaders with specific requests to cease their interactions with Iran.
He announced what he called an “unprecedented” campaign to sever Iran from the global economy. “We are launching an economic onslaught against Iran’s financial connections around the globe,” Bessent said. “Our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone.”
Also read: Trump says ‘Iran is completely collapsing’ as Tehran dismisses new US sanctions threat
He added that Washington would give countries a defined period to wind down activities it has identified as supporting Iran, but warned that the Treasury would act unilaterally if they failed to comply. Bessent, however, declined to specify a fixed deadline, saying the administration did not have “infinite patience”.
“No one, including China is above the reach of US sanctions,” Bessent said, as quoted by Reuters. He said any form of economic engagement with Iran could expose those involved to the “full reach of American power”.
The Treasury secretary said the US would pursue a “zero leakage” approach to enforcing sanctions against Iran, signalling a broader crackdown on countries, companies and entities that continue to support or conduct business with Tehran.The new sectoral sanctions determinations issued today target five of Iran’s most vital lifelines that it exploits in other countries, Bessent said, further naming digital assets, technology, gold, aviation, and shipping.
Also read: $20 million: The cost of shipping oil through Strait of Hormuz
‘Major financial institution to be sanctioned’
Bessent: hinted that the US would soon sanction a major financial institution by the end of this week over Iran.
The move is part of Trump’s efforts to put pressure on Iran to end the attacks on ships in the Gulf and, more recently via its allies, in the Red Sea, that Tehran launched after the US and Israel began air strikes against it in February.
Bessent had previously urged cooperation from China, the biggest buyer of Iranian oil for several years, although the US blockade of Iranian ports, renewed in mid-July, has already cut Iranian oil flows to China.
