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Bessent Vows to 'Economically Asphyxiate' Iran as US Prepares New Bank Sanctions
US Treasury Secretary Scott Bessent announced new bank sanctions against Iran, vowing to 'economically asphyxiate' the regime. Iran responded with defiance, threatening to block oil exports from the Persian Gulf. Oil prices rose following recent direct attacks and reports of tanker strikes in the Strait of Hormuz.
By Tertius News AI Desk4 distinct · 5 mastheads · 6 articlesVersion 4Coverage Published
US Treasury Announces New Iran Bank Sanctions
US Treasury Secretary Scott Bessent said on Tuesday that Washington was likely to announce bank sanctions against Iran this week, with another expected the following week. Speaking at a G20 finance leaders' meeting in Asheville, North Carolina, Bessent said, "We're probably going to announce a bank sanction this week and we are going to have another one the week after."
Bessent warned that the US was intensifying action across digital assets, aviation, and maritime networks, and that enforcement could reach banks, airline leasing companies, and any entity doing business with the Islamic Revolutionary Guard Corps (IRGC). "We have zero tolerance. We are going to economically asphyxiate this regime," he said.
He also cited the case of a branch of an Egyptian bank in Dubai that he said had funneled more than $1.8 billion to the Iranian government, noting that the US used the Patriot Act to shut down the operation. Bessent added that Washington had located accounts in the British Virgin Islands and properties around the world that would be frozen.
The Treasury Secretary said the administration had received support from the European Union, the European Central Bank, Britain, and the United Arab Emirates. He also mentioned private discussions with China, saying, "The Chinese agree Iran cannot have a nuclear weapon."
Iran's Defiant Response
Iranian officials responded with defiance. Parliament speaker Mohammad Baqer Qalibaf was quoted by Iranian media as saying, "If the enemy wants us not to export oil from the Persian Gulf, no one will be able to export oil."
President Masoud Pezeshkian said Tehran would reciprocate immediately if Washington honored its commitments under a June Memorandum of Understanding. Foreign Ministry spokesman Esmaeil Baghaei accused Washington of being "addicted to making excessive demands and has mistaken negotiations for dictating terms," and warned that Tehran would "use all our capabilities, whether on the battlefield or through our diplomatic apparatus."
Escalation and Economic Impact
The announcements come after a weekend of direct military exchanges. US forces attacked Iran's Larak Island on Sunday, and Iran responded by launching missiles at two US air bases in Jordan. President Donald Trump told reporters on Monday that the strikes did not signal a return to full-scale war. A senior Iranian source told Reuters the strikes were a "limited and contained confrontation."
Brent futures rose more than 2% on Tuesday following the attacks and reports that two supertankers carrying Saudi oil were struck by unknown projectiles while transiting through the Strait of Hormuz, according to shipping intelligence firms Marisks and Kpler.
PVM analyst John Evans said, "The tit-for-tat missile exchanges between the S. and Iran bring validation to those who believe that even if not a 'forever war', this conflict will run and run."
On the economic front, Iran's central bank governor, Abdolnaser Hemmati, said Tehran had sufficient foreign currency reserves and was ready to inject up to $2 billion into the foreign exchange market to calm volatility. Iran's currency plunged to a record low in August, crossing 2 million rials to the dollar, with annual inflation at 66% in July.
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Framing: Highlights Iran's defiant stance in response to the U.S. Treasury Secretary's statement about impending bank sanctions.
Facts Included:
Treasury Secretary Scott Bessent said on Tuesday Washington was likely to announce bank sanctions against Iran this week
Bessent said the U.S. was likely to announce a bank sanction this week and one the week after
Bessent spoke at a G20 finance leaders' meeting in Asheville, North Carolina
Bessent said the U.S. was looking at targeting airline leasing companies and other entities that did business with the Islamic Revolutionary Guard Corps (IRGC)
Bessent said 'We have zero tolerance. We are going to economically asphyxiate this regime'
Iranian parliament speaker Mohammad Baqer Qalibaf was quoted by Iranian media as saying 'If the enemy wants us not to export oil from the Persian Gulf, no one will be able to export oil'
U.S. forces attacked Iran's Larak Island on Sunday and Iran responded by launching missiles at two U.S. air bases in Jordan
Trump told reporters on Monday that the strikes did not signal a return to full-scale war
A senior Iranian source told Reuters the strikes were a 'limited and contained confrontation'
Iranian President Masoud Pezeshkian said Tehran would reciprocate immediately if Washington honored its commitments under a June Memorandum of Understanding
The MOU declared an end to fighting that has killed thousands in Iran and Lebanon since U.S. and Israeli strikes began on February 28
Pezeshkian spoke in Bishkek at a summit of the Shanghai Cooperation Organisation
Foreign Ministry spokesman Esmaeil Baghaei said Washington was 'addicted to making excessive demands and has mistaken negotiations for dictating terms'
Baghaei warned Tehran would 'use all our capabilities, whether on the battlefield or through our diplomatic apparatus'
Brent futures rose more than 2% on Tuesday
PVM analyst John Evans said 'The tit-for-tat missile exchanges between the U.S. and Iran bring validation to those who believe that even if not a 'forever war', this conflict will run and run'
Two supertankers carrying Saudi oil were struck by unknown projectiles while transiting outbound through the Strait of Hormuz late on Monday, according to shipping intelligence and tracking firms Marisks and Kpler
Iran's central bank governor, Abdolnaser Hemmati, said Tehran had sufficient foreign currency reserves
The central bank was ready to inject up to $2 billion into the foreign exchange market to calm recent volatility
Iran's currency plunged to a record low in August, crossing 2 million rials to the dollar, with annual inflation at 66% in July
Framing: Highlights Iran's defiance in response to US Treasury Secretary Scott Bessent's statement that bank sanctions are likely to be announced this week. — Measured but tense
Facts Included:
US Treasury Secretary Scott Bessent said on Tuesday Washington was likely to announce bank sanctions against Iran this week.
Oil prices rose further after the first exchange of direct attacks since July and reports of two tankers being hit leaving the Strait of Hormuz.
Iran warned it would prevent oil exports from the Persian Gulf.
Bessent said at a G20 finance leaders' meeting in Asheville, North Carolina: 'We have zero tolerance. We are going to economically asphyxiate this regime.'
Iranian parliament speaker Mohammad Baqer Qalibaf was quoted by Iranian media as saying: 'If the enemy wants us not to export oil from the Persian Gulf, no one will be able to export oil.'
The six-month-old conflict had shifted into an economic standoff before the weekend strikes, in which US forces attacked Iran's Larak Island on Sunday and Iran responded by launching missiles at two US air bases in Jordan.
Trump told reporters on Monday that the strikes did not signal a return to full-scale war, and a senior Iranian source told Reuters they were a 'limited and contained confrontation'.
Iranian President Masoud Pezeshkian said Tehran would reciprocate immediately if Washington honoured its commitments under a June Memorandum of Understanding.
Brent futures rose more than 2% on Tuesday.
Two supertankers carrying Saudi oil were struck by unknown projectiles while transiting through the Strait of Hormuz, according to shipping intelligence firms Marisks and Kpler.
Iran's central bank governor Abdolnaser Hemmati said Tehran had sufficient foreign currency reserves and was ready to inject up to $2 billion into the foreign exchange market.
Iran's currency plunged to a record low in August, crossing 2 million rials to the dollar, while annual inflation reached 66% in July.
Framing: Headline emphasizes Bessent's threat of 'financial violence' and the US plan for new Iran sanctions.
Facts Included:
Treasury Secretary Scott Bessent announced the US is preparing to sanction another bank in its escalating campaign to clamp down on Iran-related transactions, warning of severe consequences for those who continue doing business with Iran.
Bessent did not name the bank that would face sanctions this time.
Earlier this week, the US Treasury issued a proposed rule that would, if finalized, sever the Emirati branches of Banque Misr, Egypt's second-largest bank, from access to the US financial system.
Bessent added that he plans to meet with G20 counterparts in Asheville, North Carolina, to encourage cooperation against Iran, noting that 'all options are on the table' in terms of sanctioning Beijing for its continued support.
The Treasury's first official action in this campaign of economic pressure was the proposed rulemaking on Friday, which stops short of imposing full sanctions on the Egyptian bank—a move that appeared to signal the administration's reluctance to penalize major trading partners that do business with Iran, including China and India.
Bessent spoke with the AP ahead of Group of 20 meetings where he will huddle individually with his counterparts from the world's major and developing economies.
On February 28, the United States and Israel began striking targets in Iran, to which Iranians retaliated with strikes of their own.
In mid-June, Tehran and Washington signed a memorandum of understanding aimed at cessation of hostilities but resumed strikes shortly after.
The conflict remains unresolved with no active hostilities.
"This is going to be financial violence if we have to," Bessent told the Associated Press.
"We are showing people that we know who you are, you know who you are, and this has got to stop."
Framing: Headline emphasizes Bessent's stated goal to force Iran into a deal with the US through sanctions. — Measured and factual, with direct quotes from Bessent.
Facts Included:
US Treasury Secretary Scott Bessent said the US administration wants to use sanctions to force Tehran to enter into an agreement with Washington.
Bessent spoke during a meeting of finance ministers and central bank governors of the G20 in Asheville, North Carolina.
Bessent said the US is going 'to economically asphyxiate this regime.'
Bessent said Trump stated the memorandum of understanding did not work because Iran was not ready for a deal.
Bessent said 'My job is to make sure that they want to have a deal, and they will want to have one.'
The article states the US and Israel launched a war against Iran on February 28.
In June, Washington and Tehran signed a memorandum of understanding providing for an immediate cessation of hostilities on all fronts, including in Lebanon.
On the night of July 8, the United States resumed large-scale strikes against Iran, accusing it of violating agreements on the Strait of Hormuz.
On August 24, Bessent said Washington was tightening unilateral sanctions against Iran sharply, aiming to sever Tehran’s sources of income.
AI-extracted; can misattribute a claim — see Methodology.
Each row is one claim, attributed to the outlet whose wording states it most clearly. Confidence rates how directly the source text states the claim — explicit and unhedged rates high; hedged, pieced-together, or internally inconsistent statements rate lower. It does not measure whether the claim is true. Status is Contested when two claims on this page negate each other; otherwise it counts the distinct outlets we found asserting that specific claim — so a single-source claim can still show high confidence, and a multi-source claim can show medium. Every one of those outlets is named beside the status, so you can check the count against the list. For claims extracted before we began storing that list, the row says so: it names the outlet the claim is quoted from and states that we have not recorded which outlets backed it. Outlets wrote at different times, so a figure that evolves — a casualty count, for example — can legitimately differ between rows; check the "as of" time next to each claim's source.
Claim
Confidence
Status
ClaimTreasury Secretary Scott Bessent announced the US is preparing to sanction another bank in its escalating campaign to clamp down on Iran-related transactions.
ClaimBessent said the US Treasury issued a proposed rule that would sever the Emirati branches of Banque Misr, Egypt's second-largest bank, from access to the US financial system.
ClaimThe US Treasury used the Patriot Act to shut down an operation of a branch of an Egyptian bank in Dubai that had funneled more than USD 1.8 billion to the Iranian government.
ClaimBessent said enforcement of sanctions could reach banks, airline leasing companies and any entity doing business with the Islamic Revolutionary Guard Corps (IRGC).
ClaimIranian parliament speaker Mohammad Baqer Qalibaf was quoted by Iranian media as saying 'If the enemy wants us not to export oil from the Persian Gulf, no one will be able to export oil'.
ClaimIranian President Masoud Pezeshkian said Tehran would reciprocate immediately if Washington honoured its commitments under a June Memorandum of Understanding.
ClaimForeign Ministry spokesman Esmaeil Baghaei said Washington was 'addicted to making excessive demands and has mistaken negotiations for dictating terms'.
ClaimPVM analyst John Evans said 'The tit-for-tat missile exchanges between the U.S. and Iran bring validation to those who believe that even if not a 'forever war', this conflict will run and run'.
ClaimTwo supertankers carrying Saudi oil were struck by unknown projectiles while transiting through the Strait of Hormuz, according to shipping intelligence firms Marisks and Kpler.