Day' as Iran threatens oil exports
US Treasury Secretary Scott Bessent has announced an 'economic asphyxiation' campaign against Iran, threatening secondary sanctions on any nation that continues to facilitate trade with Tehran. The move aims to isolate Iran's financial networks, specifically targeting sectors like shipping, aviation, and digital assets.
Why it matters
The escalation of economic warfare against Iran threatens global oil supply chains and increases geopolitical tensions in the Middle East.
US Treasury Secretary Scott Bessent laid out plans for the "economic asphyxiation" of Iran, expanding Washington's secondary sanctions threats and warning of dire consequences for countries that decline to join the pressure campaign.
Mr Bessent's address comes almost six months into a war on Iran that has ground to a stalemate, with stalled peace talks and Iran preventing most traffic through the crucial Strait of Hormuz.
"Around the globe, our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone," Mr Bessent told a press conference.
He added: "We are going to hold everyone accountable, and this is economic asphyxiation of this regime. We are launching an economic onslaught against Iran's financial connections around the globe."
The US Treasury Department said it has mapped the networks, facilitators, and financial channels that Iran uses to smuggle oil and evade sanctions.
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