Bessent Unveils 'Single Greatest Financial Offensive Ever' on Iran, Targets Banks and Trading Partners Aiding Tehran

Treasury Secretary Scott Bessent unveiled what he called 'the single greatest financial offensive ever' against Iran, targeting countries, banks, and entities providing 'any type of lifeline' to Tehran — including oil-smuggling networks, currency swap lines, cash transfers, exchange houses, ship registries, and front companies — with China's major banks singled out given Beijing's purchase of roughly 90% of Iran's oil exports historically. President Trump wrote 'IRAN IS COMPLETELY COLLAPSING!!!' and warned any country enabling Iran would face 'TREMENDOUS Economic Consequences.' Bessent told the Financial Times the goal was to 'sever every economic lifeline that sustains the tyrannical regime,' adding 'it is going to work in Iran, and we are going to collapse this regime.' Iran's Foreign Ministry spokesman Esmaeil Baghaei warned 'any escalation of this situation will undoubtedly bring about consequences,' while Foreign Minister Abbas Araghchi dismissed the move on social media as reminiscent of 2012-era sanctions: 'We have seen this movie before... Same bull. Different bullies.' Brent crude eased 1.3% to about $93/bbl on profit-taking as traders awaited the sanctions' full details.