US Treasury Secretary Scott Bessent urged Washington's partners to choose sides against Iran, promising an economic isolation campaign he described as the greatest in history.
The message is unambiguous. Scott Bessent has urged US allies to "make a decision": support Washington in its efforts to "crush" the Iranian economy, or suffer the consequences. "You are either with us or against us," the Treasury Secretary summarized during an appearance on CNBC.
These statements follow a message posted by Donald Trump on his Truth Social platform, in which the US president warned that any country offering "any kind of lifeline" to the Islamic Republic regime would face "tremendous economic consequences." Bessent did not specify the exact nature of the measures under consideration, but warned that anyone who continued to do business with Tehran, whether by transferring funds or buying Iranian oil, would face "the full power and force" of the US government.
The Treasury Secretary described the measure as "the largest coordinated economic isolation in world history." He also argued that this economic pressure would limit the need for a "large-scale kinetic restart" of the conflict. Further details are expected to be released at a press conference scheduled for August 24.
This announcement comes amid already tense tensions. In April, the United States launched a wave of sanctions against foreign banks and companies doing business with Tehran, after military operations failed to overthrow the Iranian regime. Operation "Economic Fury," jointly announced by the Treasury and the Pentagon, aimed to cut off Iran's financial resources, notably through a naval blockade of its ports.
The economic situation in Iran is already critical. In the twelve months leading up to February 2026, the price of basic necessities rose by an average of 60%, while food prices doubled over the same period. These official figures fueled weeks of protests earlier this year, with ordinary Iranians holding the regime responsible for their hardship. Trump then encouraged the protesters to "keep protesting," assuring them that "aid is on the way."
The prospect of new sanctions is already weighing heavily on economic actors. An Iranian businessman confided that global companies are reconsidering their investments in the country. "If every country that trades with Iran risks sanctions, I have to think very carefully before concluding a deal, because I could end up losing money," he explained.
On the Iranian side, skepticism prevails regarding the effectiveness of these new pressures. A resident of Khuzestan province, in the center of the country, believes that Iran has "a long history of dealing with sanctions" and will be able to overcome the crisis. Another resident shares this view: "Iran has been living under sanctions for years, and people have become accustomed to this situation. I am sure that Iran will find other ways to continue trading." She acknowledges, however, that an economic impact is likely, without anticipating a collapse.
This new economic offensive contrasts with the commitments made in the memorandum of understanding signed between Iran and the United States in June, which stipulated that Washington would "end all types of sanctions" according to an agreed timetable.
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