Bessent: US Sanctions Have Iran 'Squeezed Like Never Before'
“In terms of Operation Economic Outcast, we are squeezing the Iranians like they've never seen today,” Bessent said.
He said the sanctions campaign had crippled Iran's air connectivity, claiming that more than 80% to 90% of the country's external flights had been shut down as a result.
Bessent also issued a pointed warning to any financial institutions, companies or businesses still propping up Iran, saying Washington would go after both their operations and their bank accounts. "We have made it very clear around the world, whether it's the financiers, the people who are doing business, the people who are supplying the Iranians, we know who you are, you know who you are," he said.
He framed the broader US approach as a three-pronged strategy combining military strikes, a naval blockade and financial pressure. "So we had six weeks of kinetic activity. We have the blockade. And now we have an effort never seen before in terms of constricting and cutting off the financial oxygen to them," he said.
Bessent said the pressure campaign could stretch on for weeks or even months, and that Washington is angling for one of three outcomes: a fracture within Iran's leadership, a popular uprising, or a negotiated agreement in which Tehran fully complies with its commitments.
He also revisited an earlier attempt at diplomacy, saying the US had tried to strike a deal with Iran earlier this year, only for Tehran to respond by escalating attacks in the Strait of Hormuz. "If there is a deal, I guarantee you they're going to stick with it," he said.
Washington launched Operation Economic Outcast in August, a sweeping campaign designed to economically isolate Iran and penalize companies, financial institutions and other entities helping Tehran evade US sanctions. Since then, the Treasury Department has broadened the effort to target Iranian aviation networks, financial institutions and cryptocurrency-related infrastructure.
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