Iran calls US financial threat an admission of defeat

US Treasury Secretary Scott Bessent speaks to reporters at the White House in Washington, DC, US, August 20, 2026. KEVIN LAMARQUE / REUTERS Iran responded with defiance on Monday, August 24, to a US threat of the "single greatest financial offensive ever," saying it was an admission of military defeat and warning countries against aiding Washington. US Treasury Secretary Scott Bessent, in a column for the Financial Times , declared that an "economic D-Day" had begun against Tehran on Monday and said any country that continued to enable the Islamic Republic would become a "global pariah." He also claimed on X that the US had "dismantled Iran's military capabilities, destroyed nearly 100 percent of its military factories, and buried its nuclear program." Iran's deputy foreign minister Kazem Gharibabadi posted on the same site that the US's turn to financial warfare proved Bessent's claims false. "Your narrative doesn't add up," Gharibabadi said, asking why, if Washington had achieved such goals, "there is a need for 'the largest financial invasion in history' and the mobilization of 'all institutions and powers' of the United States!" "Is this a victory or an admission of America's defeat?" Read more Subscribers only Trump's silent Iran war: Withheld information, shifting objectives and skilled deception The United States and Israel linked the launch of their war in February to Iran's nuclear program, but the focus since the early days of fighting has been on the Strait of Hormuz, a vital route for global oil and gas supplies. Tehran continues to blockade the strait, which it did not restrict before the war, driving up global inflation and heaping domestic pressure on US President Donald Trump ahead of mid-term elections in November. Oil exports plunge Bessent was due to set out details of the US plan on Monday, but none have been released so far, and it is unclear how much more economic pressure Washington can place on Tehran. A US naval blockade of Iran has seen its oil exports via the Strait of Hormuz fall from two million barrels a day pre-war to just 0.4 million by mid-August, according to maritime tracker Kpler. Meanwhile, the country has been under crushing international sanctions for decades, with a brief period of easing under a 2015 nuclear deal that Trump later ripped up as part of his "maximum pressure" campaign. The Islamic Republic has weathered those efforts and, before the war, continued to export millions of barrels of oil, mostly to China, and evade sanctions through complex international financial networks. Bessent and Trump have both warned countries against helping Iran, signaling a shift in their focus, with the treasury secretary's FT column dwelling on nations who "appease" and "enable" Iran. Tehran responded on Monday by warning countries not to cooperate with the US efforts. Foreign ministry spokesperson Esmaeil Baqaei said taking part would "definitely have its own consequences." For ordinary Iranians, the standoff is likely to bring only more economic pain after years of rampant inflation, which in December and January fuelled massive anti-government protests. Sarah Hassanbeigi, a 32-year-old pharmacist in Tehran, put it simply: "It's really very difficult. I don't think people can really take this much longer." Subscription €2.49€/month for the first year Get unlimited access to Le Monde in English articles. Find out more New Le Monde’s app Get the most out of your experience: download the app to enjoy Le Monde in English anywhere, anytime Download Help us improve Le Monde in English Dear reader, We’d love to hear your thoughts on Le Monde in English! Take this quick survey to help us improve it for you. Take the survey On Sunday, Iranian President Masoud Pezeshkian admitted that Iran faced "many problems in society." "We are striving with all our hearts to overcome inflation, livelihood problems, unemployment, and to secure the future of the people, so that they can live with dignity and pride," Pezeshkian said. Delegation from mediator Pakistan Last week, the Iranian president, considered a relative moderate, said Tehran should " bring the war to an end now as we are in a position of power and dignity." That followed Supreme Leader Mojtaba Khamenei appointing hardliners to key security positions. Read more Subscribers only Divisions within Iran's leadership weigh on talks with the US Throughout the war, diplomatic efforts, pushed on by mediators, have sought a negotiated end to the conflict. On Monday, Pakistan's army chief was expected in Iran. Islamabad was a leading mediator in talks that helped secure an April ceasefire. Omani Foreign Minister Badr al-Busaidi was also due in Iran on Tuesday, as Muscat and Tehran seek a deal on regulating passage through Hormuz. Le Monde with AFP