US Treasury Secretary Scott Bessent announced the launch of an aggressive “Economic Fury” sanctions program to cripple Iran’s shadow banking and financing networks on Tuesday. In a speech in Paris after the G7 meeting, Bessent urged European, Asian and Middle Eastern allies to take decisive action to shut down bank branches and expose shell companies used by Tehran to finance its proxies.
Bessent stressed that economic sanctions should work to change the regime’s political behavior, not punish the civilian population for too long. He warned that sanctions left in place for years without tangible results could have a generational impact, citing previous sanctions relief in Syria and Venezuela as models of US flexible adjustment.
The tough economic enforcement measures come as Washington pushes to reopen the Strait of Hormuz to restore the world’s oil supply chain. So far, the “Economic Fury” program has reportedly successfully tracked and frozen nearly $500 million worth of cryptocurrency assets with official ties to the Tehran regime.
Meanwhile, President Donald Trump confirmed the postponement of a large-scale military operation against Iran that was supposed to be launched on Tuesday. The last-minute postponement came after diplomatic interventions by leaders from Saudi Arabia, Qatar, and the UAE who asked the White House to give peace talks a chance to avoid total destruction in the region.
