Treasury Secretary says US economic sanctions on Iran 'very successful'

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US Treasury Secretary Scott Bessent said sanctions have sharply isolated Iran’s economy, claiming Iran has no oil barrels at sea and that its economy may have contracted substantially. He also said the restrictions are reducing funding for Iran-aligned groups including the Houthis, Hamas, and Hezbollah.

Treasury Secretary says US economic sanctions on Iran 'very successful' US Treasury Secretary Scott Bessent said on Wednesday that US efforts to isolate Iran’s economy have been “very successful”. “For the first time since Iran started producing oil, they have no barrels of oil on the water”, he said in an interview with CNBC, claiming that internal estimates show Iran’s economy contracting by as much as 25 percent from March 2025 to March 2026. He added that, because Iran is no longer able to obtain dollars due to US sanctions, “their proxies - whether it’s the Houthis, Hamas or Hezbollah - their funding is being cut off”.