Bessent urges U.S. allies to join economic pressure campaign on Iran

U.S. Treasury Secretary Scott Bessent urged international allies to join the United States' intensified economic pressure campaign against Iran on Thursday. During a CNBC interview, Bessent outlined a plan to impose the "toughest sanctions in history" on the Islamic Republic. He made it clear that large-scale military action is unlikely, as the administration is focusing on maximum economic pressure to weaken Iran's economy.

Bessent plans to hold a press conference on Monday to detail the administration's anti-Iran economic strategy. He emphasized that this campaign will result in the "greatest coordinated economic isolation in the history of the world" and warned that allies who continue to transact with Iran—whether through transferring money, purchasing their oil, or facilitating ship transport—will face strict enforcement measures by the U.S. Treasury and government.

Bessent called on allies to choose sides, stating that "You want this murderous regime to end. And if you insist on doing business with them, either transferring money, buying their oil, doing seaborne ship transport, then the U.S. Treasury and the U.S. government...they will put its full might and force toward enforcing against you." He expressed hope that China would join the effort, noting that China relies heavily on energy from the Gulf, accounting for 50 percent of its energy needs.