Bessent says US sanctions will ‘asphyxiate’ the Iranian regime
Treasury Secretary Scott Bessent reporting live from Asheville, NC warns that unprecedented U.S. sanctions will economically asphyxiate Iran. Speaking with Brian Kilmeade, Bessent highlights the regime’s growing financial crisis, noting that local inflation has surpassed 100 percent and currency has collapsed. He also addresses Chevron expanding its position in Venezuela following a historic oil deal.
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Treasury Secretary Scott Bessent issued a stark warning to Iran’s global lifelines Wednesday, telling those still propping up Tehran to “stay away” as the Trump administration moves to economically “asphyxiate” the Islamic regime.
“We are telling friends and foes, do not deal with this evil regime,” Bessent told “Fox & Friends.”
“We know who you are, you know who you are, and if we have to, we will put you out of business.”
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Scott Bessent, US Secretary of the Treasury, holds a speech at the USA House during the Annual Meeting of the World Economic Forum in Davos, Switzerland, Tuesday, Jan. 20, 2026. (Markus Schreiber/AP Photo)
The Treasury chief zeroed in on financial institutions and other outside players helping keep Tehran afloat, pointing to the recent sanctions against the Dubai branches of an Egyptian bank that he said had provided more than $1.8 billion to the regime since 2025.
Russian President Vladimir Putin also entered the administration’s crosshairs, becoming a central focus of Bessent’s warning after pledging support for the Islamic regime and vowing to stand against U.S. sanctions during a recent summit.
He warned that new Treasury authorities have expanded the administration’s ability to target Iran’s outside support network across the airline, maritime and digital asset sectors — and made clear that others doing business with the regime will suffer the same fate.
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An armed member of Iran’s police special forces adjusts a country flag on an armored military vehicle during a pro-government rally in downtown Tehran, Iran, on Jan. 12. (NurPhoto via Getty Images)
“We are going to systemically go through and take every bad actor like that out,” he said.
“This is all hands on deck,” he added. “Teams from Treasury, State Department and DOW have gone out of the world, and we are having very fulsome talks with anyone supporting the regime.”
Bessent said signs of mounting economic distress are already visible inside Iran, pointing to hours-long gas lines, a collapsing currency, inflation above 100% and the country’s inability to pay its troops.
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His remarks come as the Trump administration intensifies a multi-faceted pressure campaign against Tehran, combining military strikes and a blockade with sweeping sanctions aimed at isolating the regime from the global economy.
“We had these six weeks of successful kinetic strikes, then we have imposed the blockade, which is quarantining and isolating the country, and now we are applying sanctions like have never been seen before that are going to asphyxiate the regime,” he said.