Bessent Threatens Economic 'Asphyxiation' of Iran, Vows to Freeze Offshore Assets

U.S. Treasury Secretary Scott Bessent has announced an aggressive campaign to economically 'asphyxiate' Iran, warning that the country's offshore assets will be frozen.

Bessent made the statement during a fireside chat with FOX Business' Larry Kudlow at the G20 Finance Ministerial in Asheville, North Carolina. He emphasized that countries that do business with Iran's Islamic Revolutionary Guard Corps (IRGC) will be cut off from the U.S. dollar-based financial system.

Bessent stated that the U.S. has identified the IRGC's offshore accounts held by trust companies and luxury real estate holdings, and warned that these assets will be frozen. He noted that this includes $100 million houses around the world and assets in the British Virgin Islands.