Treasury chief vows to choke Iran's finances, targeting offshore accounts and luxury assets
Treasury Secretary Scott Bessent announced plans to freeze Iranian Revolutionary Guard Corps assets abroad, including offshore accounts and high-value properties, to pressure Tehran into a peace deal.
During a discussion moderated by economist Larry Kudlow, Treasury Secretary Scott Bessent pledged to cut off the Islamic Revolutionary Guard Corps’ financial lifelines by targeting offshore accounts in the British Virgin Islands and freezing $100 million-plus residences worldwide. He described the strategy as "asphyxiating" the Iranian government until it agrees to a peace arrangement with President Trump. The announcement follows the Treasury’s "Operation Economic Outcast" and a US Navy blockade reinstated in July.
Bessent claimed the United States knows the exact locations of the IRGC’s trust-company accounts and the luxury homes, including a rumored $130 million London portfolio linked to Supreme Leader Mojtaba Khamenei. He warned that continued pressure could either collapse the regime or bring it back to the negotiating table.
Why it matters
The sanctions aim to cripple Iran's funding sources, raising stakes in U.S.-Iran diplomatic negotiations.
How this story developed
- Jul 20 U.S. and Iran intensify air strikes over Strait of Hormuz, diplomacy stalls
- Aug 29 Iran’s foreign minister announced that Tehran is still ready for diplomatic engagement if Washington ends its pressure tactics.
- Aug 29 U.S. forces have cleared mines in the Strait of Hormuz and are escorting roughly 1,500 commercial vessels through the passage.
- Aug 30 The United States hit Lark Island in southern Iran, targeting rocket launchers, marking its first attack on the country since late July.
- Aug 30 Ayatollah Mojtaba Khamenei appointed hard‑line allies to senior security positions.
- Aug 30 Treasury filed a draft regulation that could block the UAE branches of Banque Misr from U.S. correspondent banking.
- Aug 31 Iran appointed senior Revolutionary Guard and security officers to key posts, tightening internal leadership.
- Aug 31 Bessent announced that secondary sanctions will be issued on a weekly basis.
- Aug 31 Iranian media claimed a bulk carrier was seized and an oil supertanker hit mines, while U.S. officials said no vessels were struck.
- Sep 1 Iranian President Masoud Pezeshkian said Tehran will reinstate the June cease-fire with the United States provided Washington also returns to the pact.
- Sep 1 President Trump posted an AI‑generated video showing a fictitious bombing of Iran’s Kharg Island.
- Sep 1 Iran announced it will match any U.S. compliance with the June memorandum.
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