US Treasury Targets Iran's Financial Networks in 'Economic Outcast' Operation

U.S. Treasury Secretary Scott Bessent announced on Monday a new campaign targeting Iran's financial networks, companies, and countries that help the country generate revenue and bypass sanctions.

The operation, dubbed 'Economic Outcast,' represents a shift in scope from basic primary and secondary sanctions on Iran, which have existed for years. The Treasury confirmed sanctions against nearly 60 entities, individuals, and vessels linked to Iran's nuclear, missile, cyber, and oil networks.

Bessent emphasized that the U.S. has mapped the networks Iran uses to smuggle oil, evade sanctions, and generate revenue, and the goal is to eliminate channels allowing Iranian oil and other revenues to reach the regime.

The Treasury issued sectoral sanctions determinations covering digital assets, technology, gold, aviation, and shipping, which will increase sanctions exposure for foreign companies operating in those sectors or providing services that support them. Bessent warned that any entity facilitating money laundering on behalf of Iran will be removed from the U.S. dollar system.

Foreign banks face significant financial risk under this campaign, as secondary sanctions can restrict their access to the U.S. financial system even when outside U.S. jurisdiction. China is also not exempt, and Bessent stated that 'no one is above the reach of US sanctions.'