Bessent: US will ‘economically asphyxiate’ Iran until it agrees to a deal

US Treasury Secretary Scott Bessent said Tuesday that Washington intends to intensify economic pressure on Iran until the government agrees to a peace deal with President Donald Trump, including by targeting overseas assets linked to the Islamic Revolutionary Guard Corps (IRGC). Speaking ahead of meetings with G20 finance ministers in Asheville, North Carolina, Bessent said the United States is working to locate and freeze Iranian assets held abroad, including accounts in the British Virgin Islands and luxury properties. "We are going to economically asphyxiate this regime," Bessent said, adding that his goal is to ensure Tehran seeks a deal. Bessent stated that the Treasury Department has identified IRGC-linked assets and warned that Washington intends to act against them, specifically mentioning trust companies in the British Virgin Islands and high-value properties. These remarks follow the Treasury Department's announcement of "Operation Economic Outcast," an effort to isolate Iran economically, which is being pursued alongside a US Navy blockade reimposed in July. Bessent stressed that the pressure campaign aims to bring Iran back to negotiations to address its nuclear program, enriched uranium, support for proxies, and the security of the Strait of Hormuz. Simultaneously, US Secretary of War Pete Hegseth noted last week that Washington has not ruled out military strikes in and around the Strait of Hormuz.