US Treasury Secretary Scott Bessent has issued a stark warning to countries, banks, and businesses providing support to Iran, stating that the Trump administration intends to aggressively target entities found to be circumventing American sanctions. The announcement signals an intensification of Washington’s economic pressure campaign against Tehran.
"Stay Away Or We Will Put You Out of Business"
In an interview, Bessent explicitly cautioned both allies and adversaries: "We are telling friends and foes, do not deal with this evil regime. We know who you are, you know who you are, and if we have to, we will put you out of business." He emphasized the Treasury's focus on financial institutions and other entities that continue to facilitate Iran's economy despite existing US restrictions.
The Secretary cited recent sanctions against the Dubai branches of Egypt's state-owned Banque Misr as an example. The US alleges that the bank processed approximately $1.8 billion for 103 companies potentially linked to Iranian financial networks between January 2024 and June 2026. Washington has proposed cutting off Banque Misr's UAE operations from US dollar correspondent banking services, though its operations in Egypt and other international locations remain unaffected. Bessent warned that other institutions found to be assisting Iran would face similar, systemic action.
Expanded Scrutiny on Iran's Support Network
Bessent highlighted new Treasury authorities that have broadened Washington's capacity to target Iran's support network across various critical sectors, including:
- Aviation
- Shipping
- Digital assets
"This is all hands on deck," Bessent stated, noting that teams from both the Treasury and State departments are actively engaging with countries and businesses suspected of supporting Tehran. He also pointed to the severe impact of US sanctions on Iran's internal economy, citing long queues at petrol stations, a depreciating currency, inflation reportedly exceeding 100%, and Tehran's alleged inability to pay its military personnel.
Strategy to "Asphyxiate" the Regime
Describing the Trump administration's approach as a multi-layered strategy, Bessent outlined efforts aimed at isolating Iran from the global economy. He mentioned a sequence of "successful kinetic strikes," followed by an economic "blockade" designed to quarantine the nation. "Now we are applying sanctions like have never been seen before that are going to asphyxiate the regime," he asserted.
Rubio Echoes Warning After SCO Summit
Bessent's strong statements follow similar warnings from US Secretary of State Marco Rubio, who also cautioned nations maintaining financial ties with Tehran. Rubio's comments came after Prime Minister Narendra Modi's meeting with Iranian President Masoud Pezeshkian on the sidelines of the Shanghai Cooperation Organisation (SCO) Summit.
"I don't think there's a trade deal between India and Iran," Rubio acknowledged in a radio interview. While recognizing sovereign nations' right to determine their foreign policy, he unequivocally warned against helping Iran evade US sanctions. "No country should be out there helping them create mechanisms by which they can generate revenue that they will then use to sponsor terrorism and try to build a nuclear weapon," Rubio stated, adding that any country choosing to do so would also face sanctions.