Bessent Vows to 'Economically Asphyxiate' Iran, Targets IRGC Offshore Assets

Treasury Secretary Scott Bessent said Tuesday, September 1, 2026, at a G20 finance ministerial discussion moderated by Larry Kudlow, 'We are going to economically asphyxiate this regime,' outlining plans to freeze Islamic Revolutionary Guard Corps offshore accounts — including trust-company holdings in the British Virgin Islands — and roughly $100 million in luxury real estate held globally. Bessent said the administration would pursue secondary sanctions barring entities that do business with the IRGC, including airline-leasing companies, from the US dollar system, Federal Reserve wire transfers, and SWIFT access, with any recovered proceeds potentially going to terror victims or the Iranian people. The push came alongside the renewed CENTCOM-IRGC exchange of strikes.