U.S. Treasury Secretary: We Will Bankrupt the Iranian Government Again

Scott Basset, the U.S. Treasury Secretary, stated on Thursday, March 7, that the United States will bankrupt the Islamic Republic of Iran once again by implementing a policy of maximum pressure. Speaking to members of the New York Economic Club, Basset added that the maximum pressure policy will lead to a collapse in the Iranian government's oil exports and increase pressure on its national currency. He emphasized that with the initiation of updated U.S. sanctions against the Islamic Republic, this government will once again face bankruptcy. The U.S. Treasury Secretary further stated that Washington will block Iran's access to the international financial system by targeting 'regional facilitators of revenue transfers.' Basset continued by saying that the United States will shut down Iran's oil sector and its drone production capabilities. He reminded that if economic security is national security, the Islamic Republic of Iran possesses neither. Hours before Scott Basset's remarks, Reuters reported, citing informed sources, that officials in Donald Trump's administration are currently examining ways for U.S. allies to stop and inspect ships passing through important maritime checkpoints such as the 'Malacca Strait' in Asia and other maritime routes. Reuters described this action as part of an international agreement titled 'Security Against the Proliferation of Weapons of Mass Destruction,' which was proposed by the U.S. 22 years ago to prevent the trafficking of weapons of mass destruction and has been signed by over a hundred countries worldwide. The Malacca Strait connects the Andaman Sea in the Indian Ocean to the South China Sea in the Pacific Ocean. The Reuters report stated that this action would delay crude oil deliveries to refineries and damage the Islamic Republic's oil supply chain for revenue generation. According to this report, parties involved in facilitating Iran's oil transactions will also face sanctions and damage to their credibility. This comes at a time when, according to the report, the Islamic Republic has managed to increase its oil exports in recent years by resorting to complex smuggling networks. Donald Trump has promised that by resuming the 'maximum pressure' campaign and isolating the Islamic Republic in the international economic arena while reducing its oil exports to zero, he will prevent the Islamic Republic from acquiring nuclear weapons. Among the first actions of the U.S. President in the early weeks of his administration were new sanctions against shadow fleets and companies that transport crude oil from sanctioned countries using old oil tankers.