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29 Oct 2026, 11:44

The U.S. Treasury Secretary has described the economic pressure campaign against Iran as "very successful," stating that cutting access to the dollar has forced the Islamic Republic to cut funding for its proxy groups in the region.

Scott Basset, in an interview with CNBC on Wednesday afternoon, November 5, discussed the economic pressures on Iran under the plan known as "Economic Expulsion Operations," stating that internal estimates suggest Iran's economy could shrink by up to 25% over the course of a year.

He added that officials of the Islamic Republic "began to express clear concerns about the economic situation in the summer. Now, the Revolutionary Guard is extremely worried and is publicly and privately speaking of collapse."

Scott Basset also mentioned that Iran is cutting funding for its proxy groups, including the Houthis in Yemen, Hezbollah in Lebanon, and the extremist group Hamas.
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