US treasury chief vows to cut every ‘economic lifeline’ of Iran

US Treasury Secretary Scott Bessent unveiled a plan on Monday to economically cripple Iran, intensifying secondary sanctions and warning of severe repercussions for nations that do not align with the pressure campaign. Speaking at a press conference, Bessent emphasized that the United States aims to sever all economic ties supporting Tehran's regime until it stands isolated.

He asserted that the US will hold everyone accountable through these economic measures, describing it as "economic asphyxiation" of the regime. Countries that fail to join the US sanctions program would face isolation, he noted, and referenced President Trump's efforts to communicate with world leaders about ceasing interactions with Iran.

The Treasury Department had recently issued sanctions against five critical sectors vital to Iran's faltering economy - digital assets, technology, gold, aviation, and shipping. Bessent vowed that any entity aiding in money laundering for Iran would be stripped of its access to the US dollar system. When questioned about targeting Chinese banks involved with Iran, Bessent stated unequivocally, "No one is above the reach of US sanctions."

He earlier referred to the launch of the economic war against Tehran as an "economic D-Day" in a Financial Times column. The US and Israel initiated the conflict in the Middle East on February 28 with a broad bombing campaign against Iran, followed by retaliatory actions across the region.