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 delivering hard-hitting pressure on Iran’s financial system, and officials say the campaign could cut the country’s GDP by up to a quarter.
Treasury Secretary Scott Bessent told listeners on the "Brian Kilmeade Show" that the administration is intensifying financial pressure on Iran by striking at foreign banking channels and other commercial connections. He said the eight-week effort, called Operation Economic Outcast, builds on an existing blockade and aims to sever the links Iran has used to evade 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 cited actions against banking operations linked to Egypt, Turkey and Russia, including an Egyptian bank’s Dubai branches that had processed more than $1.8 billion in transactions potentially tied to Iranian networks. Bessent also said the strain is reaching ordinary Iranians and some members of the security forces, with reports of unpaid military personnel and police officers not reporting 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.