Trump Administration Unveils Sweeping Sanctions Campaign Against Iran
The Trump administration has launched 'Operation Economic Outcast', a new sanctions campaign aimed at economically isolating Iran. The measures, announced on August 24, target countries and entities that do business with Iran in five sectors: digital assets, technology, gold, aviation, and shipping.
US Treasury Secretary Scott Bessent said the administration has identified every hub, intermediary, and network Iran uses to smuggle oil and evade sanctions. 'We will cut off every potential source of revenue that funds the Iranian regime,' he stated.
The new sanctions go beyond existing measures on Iranian oil, signaling an effort to target virtually every country and sector doing business with Iran. The Treasury Department has also sanctioned over 60 individuals, entities, and vessels in China, the United Arab Emirates, Hong Kong, Singapore, and Switzerland for supporting Iran's nuclear and missile programs, oil exports, and cyber operations.
Iran and China have pushed back against the sanctions. Iranian Economy and Finance Minister Seyed Ali Madanizadeh said Tehran has already drawn up a two-year economic plan and is 'fully prepared' for the new measures. Chinese Foreign Ministry spokesman Lin Jian stated that Beijing will 'take necessary measures to safeguard its legitimate rights and interests.'