Treasury Secretary Scott Bessent says the Trump administration is intensifying its financial pressure on Iran, targeting foreign banking channels and isolating the country’s economy as Washington weighs its next steps against Tehran.
“I think that the Iranians are panicked. I think the economy is collapsing,” Bessent said.
During an appearance on the “Brian Kilmeade Show,” Trump’s Treasury chief discussed the administration’s economic campaign against Iran and the steady pressure it’s placing on the regime.
Bessent described an eight-week Treasury effort called Operation Economic Outcast, which he said builds on a blockade and aims to cut off financial and commercial connections that have allowed Iran to operate despite U.S. sanctions. He estimated Iran’s gross domestic product could fall by 20% to 25%.
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“We added many new authorities, including shutting down their airline travel, which I think has had a real effect, especially on the elites and the regime,” Bessent said.
The Treasury secretary also pointed to action against banking operations tied to Egypt, Turkey and Russia. He said one Egyptian bank’s Dubai branches had processed more than $1.8 billion in transactions potentially linked to Iranian financial networks.
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“We have taken out, and we’ve made an example of enough people and if we need to, we will continue doing that. But we’re getting good cooperation and the regime is desperate,” Bessent said.
Bessent said the economic strain is reaching ordinary Iranians as well as the security apparatus, saying some military personnel are going unpaid and some police officers are not reporting for duty.
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Bessent concluded by saying Trump still has options as the administration considers its next steps against Iran.
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