Washington: US Treasury Secretary Scott Bessent has declared a new initiative aimed at intensifying economic pressure on Tehran, announcing that the United States is "launching an economic onslaught against Iran's financial connections around the globe."

According to Radio Free Europe Radio Liberty, the announcement from Bessent came shortly after he and President Donald Trump had warned of an impending "economic D-Day" for Iran. The US is seeking to sever economic ties that sustain the Iranian regime, with Bessent emphasizing that the aim is to make Tehran stand alone.

This development arrives nearly six months into the US-Israeli conflict with Iran, a situation that has impacted global markets by disrupting oil supplies from the Persian Gulf via the Strait of Hormuz. Bessent made it clear that the US is not interested in merely managing the Iranian threat but is committed to eliminating it, signaling a strong warning to third countries about targeting any sources of Iranian revenue.

Bessent relayed that President Trump is actively engaging with world leaders, providing them with specific timelines to cease Iran-related economic activities identified by the US. While he did not specify these timelines, he stressed the urgency by stating, "we do not have infinite patience here."

The US Treasury Department claims to have mapped Iran's networks and financial channels, which are used to evade sanctions and fund illicit activities. It has identified five key sectors-digital assets, technology, gold, aviation, and shipping-being used by Iran to sustain its economy. Consequently, new sanctions are being imposed on nearly 60 entities, individuals, and vessels.

Countries that continue to support Iran face the threat of US sanctions, as Bessent highlighted the stark choice for the Iranian regime between severe global isolation or reintegration with the global economy. He described the US strategy as "economic asphyxiation" of the Iranian regime.

While Bessent suggested that the economic measures might reduce the need for military operations against Iran, US defense chief Pete Hegseth clarified that military action remains an option, particularly in and around the Strait of Hormuz.

Despite reduced large-scale attacks, diplomatic negotiations have yet to produce a resolution to the conflict, reopen the Strait of Hormuz, or settle longstanding disagreements over Iran's nuclear activities. Questions remain about the US approach towards countries like China, which continue to purchase Iranian oil. Bessent indicated confidence that global stakeholders want the Strait reopened for stabilized energy prices.

Meanwhile, Chinese Foreign Ministry spokesman Lin Jian has warned that sanctions and pressure are counterproductive, advocating for a return to dialogue and a political solution. President Trump is scheduled to meet Chinese President Xi Jinping in Washington in late September to discuss these issues further.

Iran's economy is already feeling the strain, with its currency hitting a new low against the US dollar. Tehran, however, claims to be prepared for the US measures, with Economy Minister Ali Madanizadeh asserting that Iran has a two-year plan to manage the situation.

Analysts like Mehdi Ghodsi from the Vienna Institute for International Economic Studies suggest that the Iranian government may not respond to sanctions as Washington expects, noting the regime's resilience despite significant losses and destruction. According to Ghodsi, the Iranian leadership remains steadfast, even as the country faces potential devastation.