“At dawn begins an economic D-Day [against Iran], the single greatest financial offensive ever marshalled against an adversary,” US Treasury Secretary Scott Bessent wrote in an opinion piece in the Financial Times on Sunday, echoing US President Donald Trump’s statements on Truth Social last week.
“Our objective is to sever every economic lifeline that sustains the tyrannical regime until Tehran stands alone,” he added.
The US military has “significantly dismantled Iran’s military capabilities and weakened its nuclear programme. Now we are entering endgame,” Bessent wrote.
“President Trump has decimated Iran’s economy to a point where the rial has never been weaker and inflation has rarely been higher,” Bessent said in the FT, “The regime’s final refuge now lies in the self-deception of fearful nations that still believe accommodating aggression can secure a durable peace.”
“Those who sever Iran’s remaining financial and commercial connectivity will reinvigorate their own. They will deepen their access to global capital, reinforce confidence in their markets and attain the standing they seek in the world economy.”
The treasury secretary added that continued economic support will have negative consequences, saying “any nation that serves as a financial artery of a withering regime should expect to share in its isolation.”
“Those who fear the danger of defying Tehran ought not to discount the cost of testing Washington,” he said, “Any remaining tie to Tehran will hasten the economic ostracism of countries and entities, whether that tie be purposefully constructed or wilfully ignored.”
The FT piece follows an interview Bessent gave to CNBC, and a series of statements from Trump which were posted to Truth Social about economic sanctions on Iran.
Bessent said US would ‘squash’ Iranian economy
“We are going to collapse this [the Iranian] regime,” Bessent told CNBC on August 20. “You are either with us or against us – we are going to squash the economy of this murderous regime.”
Bessent explained that the US will be increasing economic pressure pressure on Iran, adding that if any of American allies continue doing business with Iran, whether transferring money, or buying their oil, “then the US Treasury and the US government, they will put its full might and force toward enforcing against you.”
“I see lots of reports that said, ‘oh, well, this has never worked.’ It does work, because we have a combination. It is a one-two punch,” Bessent told CNBC. “We have the blockade, and we are going to have the toughest sanctions in history. And I will tell you, this will work. It worked in Venezuela once we put up the blockade. It is working in Cuba right now. And it is going to work in Iran, and we are going to collapse this regime.”
“This is going to be the greatest coordinated economic isolation in the history of the world.”
Statements from Trump about economic sanctions on Iran
Trump warned on August 19 that there would be significant economic consequences for any country that provided “any type of lifeline to Iran.”
In a post on Truth Social, Trump said Iran would face “Economic Warfare and Isolation on an unprecedented scale.”
“ANY country that allows its financial institutions, businesses, airports, or government entities to provide any type of lifeline to Iran will itself face TREMENDOUS Economic Consequences,” Trump wrote.
The president also announced that the US would enact “an ECONOMIC D-DAY” against Iran.
