US Treasury Targets Iran's Global Financial Lifelines with Sweeping Sanctions Campaign

US Treasury Secretary Scott Bessent announced 'Operation Economic Outcast,' a new sanctions campaign targeting Iran's global financial and trade links. The effort, described as an 'economic D-Day,' aims to sever every economic lifeline sustaining the Iranian government.

Bessent said the administration would target five key areas: digital assets, technology, gold, aviation, and shipping. The Treasury Department issued new sectoral sanctions determinations in these fields, broadening the risk of secondary sanctions for entities continuing to do business with Iran.

More than 60 entities, individuals, and vessels were sanctioned by the US Office of Foreign Assets Control for helping Iran procure nuclear and missile technology, conduct cyber operations, or generate oil revenue. Bessent warned that countries, companies, and financial institutions facilitating transactions helping turn Iranian oil into revenue would be targeted.

The administration has not publicly named the countries or entities it is pressuring, nor disclosed their deadlines to comply. However, Bessent said the US is using 'quiet diplomacy' to inform governments of its expectations and warned that those who do not act will face consequences.