The United States has intensified its economic pressure on Iran, with Treasury Secretary Scott Bessent saying that military operations, a blockade and the largest financial isolation effort in history would "grind down the Iranian regime." He stressed that Washington would continue tightening the economic pressure on Tehran until it is ready to reach an agreement.
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Speaking in an interview with Fox News early Wednesday, Bessent said Iran must abandon its pursuit of highly enriched uranium, stop supporting its proxies and cease threatening its neighbors.
Bessent said Washington would "economically isolate the Iranian regime" and that it would have "no choice but to reach an agreement." He added that the United States would pursue any entity providing support to Tehran and work to "close every window" used to transfer funds to Iran.
He compared the Iranian regime to "a poisonous snake that has been decapitated and doesn't yet realize it's dead," referring to what he described as mounting economic and military pressure on Tehran.
Bessent said Iran was facing fuel lines, 100% inflation and a collapsing currency, noting that Iranian President Masoud Pezeshkian, Parliament Speaker Mohammad Bagher Ghalibaf and the central bank governor had already warned of an economic crisis facing the country.
Bessent's remarks came amid escalating military and naval tensions between Washington and Tehran, as part of a US strategy combining military strikes, sanctions and financial isolation to reduce Iran's ability to finance its activities and access the international financial system.
Economic Pressure to Push Tehran Toward a Deal
Bessent stressed that the objective of the US campaign was not limited to weakening Iran's economy, but also aimed at pushing Tehran to change its political position. He said Washington would maintain pressure "until it is ready to reach an agreement."
He blamed Iran for the failure of the previous diplomatic track, saying the memorandum of understanding between the two sides failed because the Iranians were "not ready to make a deal."
Washington and Tehran reached understandings in June, mediated by regional parties, to de-escalate tensions. However, implementation stalled amid mutual accusations over which side was responsible for failing to uphold the understandings.
China and the G20
As part of US efforts to broaden pressure on Tehran, Bessent revealed that Washington had held "constructive conversations" with China over Iran. He said, however, that Beijing had declined to join a statement issued by G20 finance ministers.
China is particularly important to the US strategy toward Iran given its economic and trade ties with Tehran, while Washington seeks to limit Iran's ability to sell oil and access foreign currency.
Meanwhile, the G20 called for ensuring "safe and free" navigation through the Strait of Hormuz amid growing concerns over the safety of commercial shipping and disruptions to energy supplies.
The developments come as military tensions in the strait escalate rapidly, following new US strikes on Iranian targets and Iran's response with missiles and drones targeting US positions and bases in the region.
Washington is betting on a combination of military pressure, economic isolation and efforts to cut off funding channels to increase the cost of confrontation for Tehran and push it back to the negotiating table.
