US Treasury Chief Vows to Cripple Iran Economy With ‘Strongest Sanctions in History’

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US Treasury Secretary Scott Bessent warned that Washington would seek to cripple Iran’s economy with what he called “the strongest sanctions in history.”

Bessent told CNBC on August 23 that he plans to hold a press conference on August 24 to unveil sweeping new economic sanctions on Iran. He described the move as “the largest coordinated campaign of economic isolation in world history.”

“The Islamic Republic will be collapsed” through the toughest sanctions ever imposed, Bessent said. He added that an “economic D-Day” would begin at dawn and called it the largest financial offensive ever mobilized against a hostile state.

The US plans to target not only Iran but also third countries that maintain economic ties with Tehran. Washington is demanding that its allies and other governments stop doing business with Iran, and countries that refuse will face the full weight of US economic power, he said.

“We are asking countries whether they are with us or against us,” Bessent said. “Now is the time for allies and the world to decide, and we will crush the economy of this murderous regime.”

The latest move follows President Donald Trump’s warning last week that the US would wage an economic war on Iran. Trump said Washington would mount the strongest economic campaign ever directed at any country and impose a heavy economic cost on nations that help Iran evade sanctions.

It remains unclear whether the additional sanctions will alter Iran’s stance. Helima Croft, global head of commodity strategy at RBC Capital Markets, told CNBC that Iran is already among the world’s most heavily sanctioned countries.

“Iran still retains substantial disruptive capacity,” she said. “The question is how additional economic sanctions would change that.”