U.S. Treasury Secretary Scott Bessent said Washington had entered the “final phase” of its war against Iran and that the economic offensive would begin Monday. Bessent made the announcement in a post on the X platform on Sunday evening.
Bessent described the new phase as the “largest financial attack” ever to be carried out against an adversary. The U.S. secretary said they aimed to cut off the economic lifelines sustaining Iran’s government and isolate Tehran.
Bessent described Trump’s actions against Iran
In his post, Bessent claimed that Donald Trump had “destroyed” Iran’s military capacity, nearly all of its military factories and its nuclear program. He made the remarks as part of his explanation of the U.S. president’s actions.
The Treasury secretary also said Trump had created conditions for the use of powers and measures that many people could not have anticipated. He said those powers would be used to intensify economic pressure on Iran.
Trump warns countries supporting Iran of sanctions
In a statement on Friday, Trump warned that heavier economic sanctions could be imposed on Iran. The U.S. president called on other countries, including China, to increase pressure on Tehran.
Trump also said countries that provided Iran with support in any form would face “severe” economic consequences.
Ceasefire in conflict with Iran and agreement on the Strait of Hormuz
The attacks by the United States and Israel against Iran began on February 28. Iran responded by carrying out attacks on Israel as well as U.S. targets in the region. The parties reached a ceasefire agreement in April.
Washington and Tehran signed a memorandum of understanding on freedom of navigation in the Strait of Hormuz on June 18. Disputes over the security of the strait disrupted the implementation of the memorandum.
The United States resumed its attacks against Iran between July 8 and 24. Iran said it had targeted U.S.-owned military facilities and equipment in Arab countries.
