The Man Who Emptied the Revolutionary Guard's Vaults
In a quiet office in Washington, U.S. Treasury Secretary Scott Bessent is waging an unconventional battle dubbed “Economic Wrath,” implementing the “maximum pressure” policy adopted by U.S. President Donald Trump against the Iranian financial network, without firing a single bullet or leading troops into the field. Nevertheless, the impact of his plan became evident in Iran’s reality during the summer of 2026: the Islamic Revolutionary Guard Corps (IRGC) faced a full month’s delay in salary payments; the “Special Units” tasked with suppressing street protests missed their salaries three consecutive times; and retirees and soldiers in the regular army were deprived of their dues for two months.
Bessent did not hide his harsh tone in describing the Iranian situation, characterizing the economy as “staggering” and the military as “exhausted.” He also noted that Iran’s central bank has become financially insolvent and resorted to printing money, a move signaling the strongest inflation wave the country has ever witnessed.
On the ground, Bessent’s team succeeded in dismantling financial networks that were not previously listed on sanctions, most notably the “shadow exchange” empire linked to a businessman holding British citizenship. This network laundered billions of dollars through fake exchange shops before its connection to the “Zandishti” network, accused of plotting attacks within the UK, was uncovered. The case thus shifted from a financial sanctions issue to a direct security threat on British soil.
Last month, a network established by another businessman was also dismantled. This individual had founded two cryptocurrency platforms registered in the UK, which were used to channel funds to the IRGC. The firm TRM Labs estimated that the volume of funds transferred through these platforms amounted to approximately $1 billion, with the IRGC’s share accounting for 87 percent. The team also uncovered two Iranian companies that were extorting ships transiting the Strait of Hormuz under the guise of mandatory “marine insurance,” with direct protection from the IRGC.
Tehran did not anticipate that financial pursuit would reach such levels of intensity and speed. The U.S. Office of Foreign Assets Control (OFAC) has been issuing new sanctions every two weeks, at a pace unprecedented for Iran. Every Iranian attempt at evasion was suddenly revealed to bear Trump’s fingerprints.
Estimates indicate that the U.S. dollar reached 1.8 million Iranian rials, while the official inflation rate approached 88 percent. Inside Sepah Bank, which is responsible for disbursing salaries for the army and the IRGC, a genuine liquidity crisis erupted, escalating into open conflict among security leaders who exchanged accusations over who controls the remaining scarce resources.
Alongside financial pressure, U.S. airstrikes on the South Pars petrochemical complex, which supplied about half of Iran’s petrochemical production, resulted in losses estimated at $70 billion in investments. Tehran may need a full decade to rebuild this capacity.
Power, water, and fuel outages in Tehran and major cities have become a daily reality. This followed the shutdown of a desalination plant in southern Iran after a direct strike, which caused drinking water shortages in twenty villages.
However, the battle is not yet decided. Negotiations to reopen the Strait of Hormuz remain paralyzed. U.S. estimates suggest the American economy has incurred costs nearing $210 billion due to this confrontation, in addition to a depletion of missile stocks exceeding expectations.
The question remains open: Is this economic collapse, coupled with an unpaid military, sufficient to topple the 47-year-old regime from within? Or will history repeat itself, with the regime bending and weakening without breaking?
Dr. Mohammed Al-Wahab
