Bessent: Iran in 'death throes,' US allies will support efforts to economically 'asphyxiate' IRGC

US Treasury Secretary Scott Bessent declared on Tuesday that allies of the United States will back the country's attempts to economically cripple Iran. According to Bessent, Iran is currently in economic decline and is on the verge of negotiating a deal with the US. During the G20 meeting, Bessent utilized the occasion to urge allies to join the American initiative to isolate Iran's economy through Operation Economic Outcast.

This operation has garnered significant support from US allies, who have pledged to do whatever is necessary, said Bessent to reporters. While he did not elaborate on the specifics of the support, Bessent mentioned that talks with Chinese officials have been productive. He stressed that the US and China share more common ground than disagreement on Iran, both aiming to prevent Iran from acquiring a nuclear weapon.

Bessent also noted that although both parties desire to resume free trade in the Strait of Hormuz, they have not reached a specific agreement on the matter. He further emphasized that the US does not require Chinese support for Operation Economic Outcast to succeed, stating that the US will prevent Iran from converting Chinese yuan into US dollars.

Bessent explained that once Iran is unable to convert money to dollars, the Iranian regime will suffer from financial strain.