Treasury Secretary Scott Bessent said new sanctions are already pressuring Iran as the rial trades at 2 million per dollar. A US-China summit next month looms over enforcement against oil buyers.
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Treasury Secretary Scott Bessent said the new sanctions campaign Operation Economic Outcast was already showing results against Iran, citing comments from Iranian leadership as evidence that the pressure was working.
Bessent announced the push yesterday, branding it a "zero leakage approach" that would require every Bank Melli branch to be shuttered. "America is no longer managing the Iranian threat. We are ending it," he said.
The Treasury said it would target all economic activity supporting Iran, including oil sales to China and the use of crypto firms and other platforms to evade existing sanctions. Bessent said President Donald Trump had been calling allies and partners to request they cease any activity with the Iranian regime.
Iran's parliamentary speaker Mohammad Bagher Ghalibaf dismissed the threats on X. "Americans know that no one buys their bombast," he said. "Iran's trading partners, both in the media and through messages sent to us, have made it clear that they don't take these statements into account anywhere."
China, Iran's largest oil buyer, said the sanctions would escalate regional tensions. The US and China are scheduled for a summit next month as trade and geopolitical conflicts intensify.
The Iranian rial has collapsed further. On the open market, one dollar buys roughly 2,005,000 rials, compared with an official government rate of about 42,000. Inflation has been a severe issue.
Some reports indicate the Islamic Revolutionary Guard Corps have become the de facto leaders, sidelining religious authorities. It was not immediately clear what action the administration was willing to take against China for continuing to purchase Iranian oil.
The summit next month will test whether the zero-leakage rhetoric translates into concrete enforcement against Tehran's biggest customer.
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