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3 May 2026, 17:23

Scott Basset, the U.S. Treasury Secretary, said on Sunday that the United States is "suffocating" the Iranian government through an "economic blockade" that began simultaneously with military operations.

In an interview with Fox News, he referred to his department's initiative to complete the U.S. operation "Epic Fury" against Iran, stating, "This process began with President Trump's March order for maximum pressure, and three weeks ago the President instructed me at the Treasury to initiate 'Economic Fury.'"

Mr. Basset added, "We are suffocating this government, and they are unable to pay their soldiers. This is a real economic blockade, and all branches of the government are involved."

This comes as the U.S. maritime blockade against Iranian ports continues, with the U.S. military reporting that 49 commercial ships have changed course due to the enforcement of this blockade. Meanwhile, negotiations between Iran and the U.S., mediated by Pakistan, are ongoing, and Iran has submitted a new proposal to reach a peace agreement that has met with a lukewarm response from the U.S. President.

In his interview with Fox News, the U.S. Treasury Secretary emphasized that his department is taking economic actions "against anyone who attempts to transfer money to Iran to assist the Islamic Revolutionary Guard Corps."

He added, "They are a corrupt entity. They have stolen from the Iranian people for years. They have assets abroad. We have identified them. We will continue this work and will preserve these assets for the Iranian people on the other side of this conflict."

On Sunday, the U.S. Treasury, while imposing new sanctions against Tehran, warned shipping companies and shipowners that paying "fees" to Iran for safe passage through the Strait of Hormuz, regardless of the payment method, would expose them to the risk of U.S. sanctions.
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