Speaking at an event on the sidelines of the US-hosted Group of 20 finance leaders, US Treasury Secretary Scott Bessent says the country is also looking at targeting airline leasing companies and other entities that have done business with Iran and its Islamic Revolutionary Guard Corps (IRGC).

“It could be entities. It could be it could be airline leasing companies, which we’ll be looking at. It could be anyone who does business with the IRGC. We are tracking down the IRGC’s assets,” Bessent says. “We have zero tolerance. We are going to economically asphyxiate this regime.”

In a message directed at the IRGC, Bessent says, “We know where in the British Virgin Islands your accounts are at these trust companies. We know the 100 million dollar houses you have around the world, and we are going to freeze those.”

The Treasury chief says the United States has privately discussed with China how to stop Iran getting a nuclear weapon and ensuring freedom of navigation in the Strait of Hormuz.