Iran Could Face Economic Collapse in Months, US Treasury’s Bessent Warns United States Treasury Secretary Scott Bessent warned that Iran’s economy could collapse within weeks or months due to escalating U.S. sanctions, as tensions between the two nations reached their sixth month. Speaking at a G20 finance ministers meeting in Asheville, North Carolina, Bessent emphasized that Iran is taking the sanctions seriously, with the goal of creating conditions that would compel the regime to engage in negotiations. He described the Iranian government’s recent actions as a “kinetic lashing out” driven by economic losses, suggesting that the country is struggling to sustain its current trajectory. Bessent highlighted the U.S. strategy of imposing targeted sanctions on key sectors of Iran’s economy, including aviation, digital assets, gold, technology, and shipping, alongside penalties on 60 individuals and vessels linked to the regime. These measures, he argued, are part of a broader effort to isolate Iran economically and pressure it into dialogue. The European Union has also endorsed the sanctions, with the European Commission stating that it supports efforts to halt Iran’s destabilizing activities and encourage peace negotiations. The EU’s backing of the U.S.-led initiative, known as Operation Economic Outcast, underscores the transatlantic alignment on this issue. The U.S. Treasury has signaled that further sanctions are imminent, with Bessent indicating that new penalties could be announced weekly. Following recent actions against the UAE branches of Egypt’s Banque Misr for alleged financial ties to Iran, Bessent hinted at more severe measures, including the potential exclusion of entire institutions from the dollar-based financial system.#iran #scott_bessent #operation_economic_outcast #g20_meeting_asheville #united_states_treasury
