Scott Bessent urges US partners to back plans to 'squash' Iran economy
US Treasury Secretary Scott Bessent is urging international allies to join a new, aggressive economic isolation campaign against Iran. The administration hopes these measures will prevent the need for a kinetic military restart following previous conflicts.
Why it matters
The potential for a 'crushing' economic operation could lead to significant global oil price volatility and diplomatic friction between the US and its allies.
Image source, EPA Image caption, Bessent believes international sanctions will 'minimise the need' to return to war with Iran
US Treasury Secretary Scott Bessent urged US allies to support Washington's efforts to "squash" the Iranian economy.
"We are going to collapse this regime. It is time for our allies and the rest of the world to make a decision," Bessent told broadcaster CNBC.
"You are either with us or against us," he said.
Bessent's remarks come after US President Donald Trump said that countries providing "any type of lifeline" to the Islamic Republic's regime will face "tremendous economic consequences" .
Bessent did not offer any insight on the measures Trump's team was looking to implement, but said the planned pressure campaign on the Iranian economy would minimise the need of a "large-scale kinetic restart" of the conflict.
How Iran's new regime is very different to what came before
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