The U.S. government is ratcheting up the intensity of economic sanctions targeting Iran to the highest level. It has formalized a policy to forcibly collect from Iran's frozen funds both the compensation for the physical damage Iran inflicted on neighboring Gulf countries and the Strait of Hormuz transit fees. With armed clashes ongoing, the move is seen as an attempt to squeeze Iran by using the return of funds—one of the key issues in cease-fire talks—as leverage.
On the 11th local time, Bloomberg reported that Scott Bessent, the U.S. Treasury Minister, condemned Iran's war in strong terms, calling it a "zero-sum game." In a statement posted on the social media platform X, Minister Bessent said, "All damage inflicted on our allies in the Gulf region will be compensated from funds seized from Iranian accounts." He warned, "Transit fees paid to the Persian Gulf Strait Authority will be offset with funds seized from their accounts." He added, "Any attack carried out by Iran will only intensify the economic and financial costs Iran faces."
The Persian Gulf Strait Authority is a body Iran newly created to justify directly controlling transit through the Strait of Hormuz. The aim is to squeeze the international community by gripping a key global crude oil artery. The U.S. government is pairing this with military pressure. Using Iran's downing of an Apache helicopter on the 9th as a pretext, U.S. forces carried out airstrikes on Iranian territory for two consecutive days from the 10th. On the morning of the 11th, they also said they "plan to further intensify operations and strike key Iranian facilities."
The U.S. government has reportedly begun practical work to use Iranian assets to restore damage suffered by allies. The Financial Times (FT) reported on the 6th that, on Minister Bessent's orders, U.S. officials are closely assessing the scale of losses incurred by Gulf partners. However, foreign media including Reuters said it is unclear whether the assets Bessent mentioned are existing funds frozen by sanctions or a new form of financial sanction.
Iran strongly pushed back against the U.S. pressure measures. Kazem Gharibabadi, Iran's Vice Minister of Foreign Affairs, said on the 11th on X that the United States has no right to cover allied reconstruction expense with Iranian funds. Vice Minister Gharibabadi sharply criticized, saying, "Iranian assets are neither spoils for the United States to pocket nor funds to be paid to U.S. allies."
With both sides locked in a standoff, peace talks are also on a rough path. Iran's frozen funds tied up in the international financial network are estimated at $100 billion (about 153 trillion won). The Iranian government is demanding, as a precondition for cease-fire talks, the return of $24 billion (about 36.8 trillion won) and compensation for war damage. By contrast, U.S. President Donald Trump is under pressure from hawkish politicians not to release the frozen funds under any circumstances. With wide gaps over key issues such as the disposal of highly enriched uranium and conditions for a Lebanon cease-fire, a short-term deal appears unlikely.