The Trump administration has announced an escalation of its economic campaign against Iran, with a focus on imposing stricter sanctions, including secondary penalties on countries and banks involved in Iranian oil transactions. US Treasury Secretary Scott Bessent revealed that this move is part of a broader strategy known as “Operation Economic Fury.” The administration has been applying maximum pressure on Iran for over a year, targeting Iranian state payments and accounts of the IRGC.
Bessent emphasized that the US is urging partner countries to take more assertive actions, such as freezing funds associated with Iran’s leadership. He also warned of the possibility of imposing secondary sanctions on nations and institutions that continue to engage with Iranian oil revenues. The administration has made it clear to countries that dealing with Iranian oil or holding Iranian funds in their banks could lead to the application of secondary sanctions, which he described as a significant measure.
The Treasury Secretary highlighted that this financial offensive is part of a larger escalation strategy, likening it to the kinetic activities seen in the past. He mentioned that enforcement actions have already begun, with warnings issued to financial institutions, including two Chinese banks. Additionally, the US plans to tighten restrictions related to energy, signaling a more stringent approach towards limiting Iran’s oil export earnings.
Bessent linked the increased pressure on Iran to recent regional events, noting that Iranian actions have influenced neighboring countries’ attitudes. He pointed out that Iranian actions, such as attacks on GCC neighbors, have prompted these countries to be more vigilant in monitoring financial transactions. The administration clarified that these economic measures are being implemented in conjunction with diplomatic efforts, aiming to achieve long-term security objectives.
