Bessent: US Launches 'Economic Blitz' on Iran's Financial Links

U.S. Treasury Secretary Bessent stated clearly at an economic forum in Washington on Monday that the United States is launching a comprehensive offensive dubbed an "economic blitz" against Iran's global financial links. The move aims to thoroughly undermine the financial foundation of the Iranian regime by freezing assets, seizing funds, and pressuring third parties.

**'Economic Blitz' Targets Iran's Global Financial Flows**

Bessent emphasized that the core of this operation is not just freezing funds, but also reducing the willingness of countries and businesses to engage with the Iranian regime. He revealed that the U.S. is tracking and freezing the overseas wealth of Iranian officials and asset holders, including pension funds and real estate in Europe. In the digital finance sector, the U.S. Treasury has seized nearly $500 million in Iran-related cryptocurrency assets. Bessent said these actions aim to "preserve funds for the Iranian people."

**Iran's Economy Already Under Significant Strain**

This round of economic pressure dates back to March 2025, initiated by then-President Trump. Bessent noted that related measures had already caused major disruption to Iran's economy by December of that year, when the country's largest bank collapsed, triggering financial turmoil. He described Iran as being in a "currency crisis," with its currency depreciating by approximately 60% to 70% against the dollar and experiencing severe inflation. Bessent believes that recent price increases driven by Middle East tensions are temporary and will not change consumers' fundamental views on the economy, nor will they embed into long-term inflation expectations.

**Pressure Campaign May Further Escalate**

As policy advances, Washington is increasing pressure on third countries, threatening severe "secondary sanctions" against nations and banks that purchase Iranian oil. Bessent has previously stated that some global economic pain is worth enduring to eliminate Iran's nuclear threat. This suggests that if Tehran does not make concessions, the U.S. may shift its focus from military areas to financial settlement systems, continuing to pressure Iran's economy and regime stability.