U.S. Treasury Secretary Scott Bessent said the Islamic Republic will likely reach a better agreement before the midterm elections, but now Donald Trump believes the U.S. does not need an agreement and economic pressure on Tehran will continue.

Bessent, in an interview with CNBC, said that by working with its partners in the Persian Gulf, the United States has blocked the Iranian government’s sources of income and has sanctioned three banks in the region for cooperating with the Islamic Republic. He added that Washington will not hesitate to sanction other banks as well.

He said that for the first time since oil production began in Iran, the country has no oil shipments at sea and is not earning any income through this route.

The U.S. Treasury secretary described the naval blockade and the “economic eviction” operation as factors behind the isolation of the Islamic Republic and said that the government will ultimately seek an agreement: “A long and cold winter awaits the Iranian people.”