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Bessent’s remarks came as both the US and Iran have imposed restrictions on ships passing through the Strait of Hormuz.
US Treasury Secretary Scott Bessent. (Courtesy: Reuters)
US Treasury Secretary Scott Bessent said on Sunday that the United States was “suffocating” the Iranian regime through President Donald Trump’s “economic fury,” backed by a naval blockade of Iranian ports.
Speaking to Fox News about the US operation against Iran, Bessent said, “This began with the order last March from President Trump on max pressure, and three weeks ago the President gave the order to Treasury myself to begin Economic Fury.”
“We are suffocating the regime, and they are not able to pay their soldiers. This is a real economic blockade, and it is in all parts of government, all hands on deck. No ships are getting through, and we have upped the pressure on anyone trying to remit money into Iran to help the IRGC,” he added.
ALSO READ: End War, Lift Sanctions & Pay Compensation: Inside Iran’s 14-Point Peace Proposal To US
Bessent’s remarks came as both the US and Iran have imposed restrictions on ships passing through the Strait of Hormuz, a crucial passageway for the energy industry. While Iran has blocked most shipping in the passageway, the US Navy says it is blocking all ships heading to or from Iranian ports amid a fragile ceasefire.
What Did Bessent Say On Oil Prices?
The US Treasury chief called Iran’s Revolutionary Guards a “corrupt” institution, accusing it of stealing money from the Iranian people for years.
“They have money offshore. We have tracked that down. We will continue to track that down, and we are going to preserve those assets for the Iranian people on the other side of this conflict,” he said.
Bessent also said Iran “miscalculated” when it started bombing its Gulf neighbours in response to the US-Israeli strikes on February 28. He also described Gulf nations as “permissive” by allowing IRGC money into their banking systems and allowing the US to freeze Iranian assets.
He also struck a confident tone about oil prices coming down soon after the conflict ends. “There are hundreds of oil tankers waiting in the Gulf to come out. The US is only blockading Iranian ships. I wouldn’t be surprised if we don’t see more of those ships coming out.”
‘Rats In A Sewer Pipe’
Earlier, Bessent described Iran’s leadership as “rats in a sewer pipe,” claiming Tehran’s rulers are disconnected from the ground realities and highlighting that the international community has increasingly turned against them.
“It is very difficult for rats in a sewer pipe to know what’s going on in the outside world. Some colour for the Iranian Leadership as they literally sit in the dark,” he said, adding that the US blockade will continue.
READ MORE: ‘Impossible Operation Or Bad Deal’: Iran’s Revolutionary Guards Say Trump Has Limited Options
The US imposed the naval blockade on April 13 after the Islamabad Talks failed to resolve the ongoing conflict with Iran. On May 1, the Treasury Department also issued an advisory warning shipping companies and maritime operators of potential sanctions if they make payments to Iran for safe passage through the Strait of Hormuz.
According to the Office of Foreign Assets Control (OFAC), Iran has allegedly threatened ships and demanded “toll” payments in exchange for safe navigation through the critical waterway.
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