Treasury Bessent: US is launching an “economic onslaught” against Iran’s financial connection

United States (US) Treasury Secretary Scotts said on Monday the US is launching “an economic onslaught against Iran’s financial connections around the globe”. At a press conference, Bessent outlined plans to launch an ” economic D-Day” on Iran and stated the United States would pursue a “zero leakage” approach to enforcing its sanctions.

He added that President Donald Trump is personally calling world leaders to press them to cut economic ties with Tehran. Bessent said every country has been given a defined timeline to shut down activities the Treasury has identified, including closing Iran’s bank branches abroad. Where governments fail to act, he said, the US would move unilaterally through Treasury authorities. He made clear the pressure extends to the largest economies, stating that no one, including China, is above the reach of US sanctions.

Ahead of Bessent’s remarks, the Treasury released a statement on its actions against Iran, which include sanctions on nearly 60 Iran-linked entities, people and vessels. It said the sanctions target a network of broker companies that shadow fleet vessels across the United Arab Emirates, Hong Kong, China, Singapore, Switzerland and Europe.

Bessent said Washington does “not have infinite patience” with Iran, that trying to buy the country’s appeasement “will no longer work,” and that any economic engagement would expose those responsible to the “full reach of American power.” He added that he expects other countries to take similar steps to isolate Tehran.