US Treasury Secretary Scott Bessent told CNBC that the United States will ask its allies to commit to a new “economic warfare” campaign aimed at crippling the Iranian economy.
Bessent said the plan would be part of “the greatest coordinated economic isolation in the history of the world” and that any country continuing to do business with Tehran would “feel the full might and force” of Washington.
The statements follow President Donald Trump’s warning on Truth Social that any state that provides a “lifeline” to the Iranian regime will face “tremendous economic consequences.” Bessent explained that the message to allied governments is clear: “You are either with us or against us.”
In recent months the United States has tightened sanctions, adding pressure to Iranian banks, firms and the export of oil. The Treasury announced Operation Economic Fury in April, which includes a maritime blockade to block shipments from Iranian ports.
Iran’s economy has already been decimated by years of sanctions. In the 12 months to February 2026 the price of basic essentials rose by an average of 60 % and food prices doubled. The government said it will not surrender with “peace” after the “storm.”
An Iranian businessman cautioned that new sanctions will make foreign firms wary of investing in Iran, while residents of the Khuzestan province said that the sanctions will be “an impact but not a collapse.”
Bessent said further details would be released on 24 August. He called the pressure campaign “a decisive step” that would minimise the likelihood of a large‑scale kinetic restart of conflict.
The move would add to the weight of the Iranian economy, but opponents argue that Iran’s long history of surviving sanctions may undercut the impact of new measures.
