Treasury Secretary Bessent says U.S. sanctions are tightening pressure on Iran's economy
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Treasury Secretary Scott Bessent said the administration's Operation Economic Outcast is designed to choke off Iran’s financial links, with officials claiming the campaign could slash the country’s GDP by as much as a quarter.
Treasury Secretary Scott Bessent told listeners on the "Brian Kilmeade Show" that the administration is ratcheting up financial pressure on Iran by going after foreign banking channels and other commercial ties. He said the eight-week drive, called Operation Economic Outcast, extends an existing blockade and is meant to cut the links Iran has used to work around U.S. sanctions. Bessent estimated the measures could reduce Iran’s gross domestic product by 20% to 25%.
"We added many new authorities, including shutting down their airline travel, which I think has had a real effect, especially on the elites and the regime," Bessent said.
He pointed to actions against banking operations connected to Egypt, Turkey and Russia, including an Egyptian bank’s Dubai branches that he said had processed more than $1.8 billion in transactions that may have been tied to Iranian networks. Bessent also said the pressure is being felt by ordinary Iranians and some members of the security forces, citing reports of unpaid military personnel and police officers not showing up for duty.
"We have taken out, and we’ve made an example of enough people and if we need to, we will continue doing that. But we’re getting good cooperation and the regime is desperate," Bessent added.