'Stay away or...': After Marco Rubio's SCO ultimatum, Scott Bessent warns Iran's allies

US-Iran war news: US Treasury Secretary Scott Bessent on Wednesday issued a stern warning to countries, banks and businesses allegedly helping Iran sustain itself during the war, saying the Trump administration would target entities supporting Tehran as Washington intensifies its economic pressure campaign.

“We are telling friends and foes, do not deal with this evil regime,” he said in an interview with Fox News’ Fox & Friends. “We know who you are, you know who you are, and if we have to, we will put you out of business,” he warned.

Bessent said the US Treasury is focusing on financial institutions and other entities that continue to support Iran despite Washington’s sanctions.

DON'T MISS | 'Increasing geopolitical unrest': Netherlands shifts 86 tonnes of gold from US to London

US targets entities supporting Iran

Bessent pointed to recent sanctions against the Dubai branches of Egypt's state-owned Banque Misr. The bank processed around $1.8 billion between January 2024 and June 2026 for 103 companies potentially linked to Iranian financial networks, according to the US.

Washington issued a Notice of Proposed Rulemaking (NPRM) seeking to cut off the bank's UAE operations from US dollar correspondent banking services. The proposed restrictions do not affect Banque Misr’s operations in Egypt or other international locations.

MUST READ | 'US in almost total control of Hormuz Strait': Donald Trump after US military's 'wave of strikes' against Iranian bases

Bessent warned that other institutions and companies found to be helping Iran circumvent US restrictions could face similar action.

“We are going to systemically go through and take every bad actor like that out,” Bessent stated.

Iran support network under wider US scrutiny

Bessent said new Treasury authorities have expanded Washington's ability to target Iran's support network across sectors including aviation, shipping and digital assets.

"This is all hands on deck," he said, adding that teams from the Treasury and State departments have been engaging with countries and businesses supporting Tehran.

Bessent also highlighted the impact of US sanctions on Iran's economy, pointing to serpentine queues at petrol stations, a weakening currency, inflation above 100% and Tehran's reported inability to pay its military personnel.

ALSO READ | Trump’s ‘biggest oil deal in history’: What the US gains from control of 65 billion barrels of Venezuela’s crude?

Is the US seeking to 'asphyxiate' Iran's regime?

Bessent described Trump's strategy as a multi-layered campaign aimed at isolating Iran from the global economy.

“We had these six weeks of successful kinetic strikes, then we have imposed the blockade, which is quarantining and isolating the country."

He added, "Now we are applying sanctions like have never been seen before that are going to asphyxiate the regime."

Marco Rubio warns countries against helping Iran evade sanctions

Bessent's warning comes after US Secretary of State Marco Rubio also targeted nations maintaining financial ties with Tehran.

Rubio's comments followed Prime Minister Narendra Modi's meeting with Iranian President Masoud Pezeshkian on the sidelines of the Shanghai Cooperation Organisation (SCO) Summit.

DO CHECKOUT | 'We want to expand our trade basket': PM Modi meets Iranian President Masoud Pezeshkian at SCO

"Well, I don't think there's a trade deal between India and Iran," Rubio acknowledged on The Brian Kilmeade Show.

He said sovereign nations have the right to determine their own foreign policy, but warned that countries helping Iran evade US sanctions could face consequences.

"I think what ultimately happens though is — and the President's been very clear — is no country should be helping Iran evade sanctions. No country should be out there helping them create mechanisms by which they can generate revenue that they will then use to sponsor terrorism and try to build a nuclear weapon," Rubio stated.

Furthermore, he explicitly warned, "And if countries decide to do that, then we're going to have to sanction them too."