US Treasury Secretary Scott Bessent has warned that countries and entities facilitating money laundering on behalf of Iran could be cut off from the US dollar system, as Washington steps up its economic pressure on Tehran. The warning came a day after Bessent threatened Iran with an “economic D-Day”, with the US Treasury unveiling a fresh sanctions campaign aimed at blocking potential sources of revenue for the Islamic Republic.
Speaking at a news conference on Monday, Bessent said countries that continue to maintain economic ties with Iran could also face consequences and “share in the isolation” of Tehran.
“Any entity that facilitates money laundering on behalf of Iran will be removed from the US dollar system. The clock just started ticking,” Bessent said.
The latest US pressure campaign is aimed at restricting Iran’s ability to generate and access revenue, particularly through its oil trade. Responding to questions on the new sanctions, Bessent said entities facilitating transactions for Iran or helping the country convert its oil into money would be targeted.
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The Treasury secretary said the sanctions would seek to block potential channels through which Iran continues to earn or move funds despite existing restrictions. The measures represent an escalation in Washington’s economic campaign against Tehran, with the US seeking to exert further pressure on Iran’s economy several months into the conflict.
Bessent also warned countries that do not join the US sanctions campaign that they could face isolation alongside Iran.
The US has increasingly used access to the dollar-based global financial system as a tool to enforce sanctions, giving Washington significant leverage over banks, companies and financial institutions involved in transactions with sanctioned entities.
The latest warning raises the potential for secondary sanctions against parties that continue to facilitate Iranian trade or financial transactions. The threat could have implications for countries and companies involved in Iran’s oil trade, particularly those that help facilitate payments or convert oil revenues into accessible funds.
Bessent’s remarks signal that Washington is giving financial institutions and other entities a clear warning to distance themselves from transactions involving Iran. The Treasury secretary said entities that facilitate money laundering or transactions on behalf of Iran would be targeted, while countries continuing to support Tehran economically could face consequences.
The latest measures come as the Trump administration seeks to intensify economic pressure on Iran by targeting not only Iranian entities but also the financial networks and international counterparties that enable the flow of money.