The Economic War Against Iran

U.S. Ambassador to the United Nations Mike Waltz says that Tehran’s greatest concern right now is not Defense Secretary Pete Hegseth, but Treasury Secretary Scott Bessent, whose sanctions campaign is putting significant strain on the Iranian economy. Waltz made his comments to Fox News this weekend.

Secretary Bessent is at the center of a new push described by officials as “Operation Economic Fury,” an aggressive campaign aimed at tightening economic pressure on Iran. The effort focuses on restricting Iran’s access to financial resources, disrupting transactions, and escalating actions against entities that help fund the Iranian regime and its network of partners.

The strategy reportedly includes targeting Iranian-linked assets held abroad, with an emphasis on freezing or seizing money and financial holdings. Treasury officials say the campaign is designed to reduce the regime’s ability to operate effectively—particularly by limiting revenue streams that support regional activities.

The operation also highlights the financial system’s vulnerabilities, including the role played by overseas banking relationships. Officials say they are increasing scrutiny on institutions that process transactions connected to Iranian networks.

Cryptocurrency has also emerged as a major focus. Reporting indicates that the U.S. is pursuing digital assets believed to be connected to Iranian financial activities, aiming to prevent funds from moving through channels that can be harder to trace.

At the same time, the campaign carries broad warnings for international business. Treasury officials have signaled that companies and buyers that continue engaging with Iranian oil or revenue-linked arrangements could face escalating consequences, including intensified sanctions enforcement.

Officials say Operation Economic Fury is meant to maximize pressure while encouraging Iran to change course. The U.S. has not provided detailed timelines in public briefings, but officials emphasize that the campaign will expand as new leads and enforcement opportunities arise.

The economic squeeze comes as President Trump continues to press Tehran for a new agreement aimed at curbing Iran’s nuclear ambitions and limiting its regional activities.

But despite ongoing contacts between the two sides, there is little evidence that Iran is prepared to accept the administration’s key demands.

Instead, Iranian negotiators continue to push for broad sanctions relief, access to frozen assets, compensation related to recent conflicts, and an end to U.S.-led naval pressure in the region.

So far, Tehran has offered few significant concessions in return.

For now, the battle between Washington and Tehran appears to be centered as much on economics as on military power.