US Unleashes 'Economic D-Day' Sanctions Campaign Against Iran

US Treasury Secretary Scott Bessent announced 'Operation Economic Outcast', a sweeping new sanctions campaign targeting Iran's global financial and trade links. Bessent described the effort as an 'economic D-Day' and compared it to the World War II campaign, saying the administration would target Iran's financial connections 'around the globe' with the objective of severing every economic lifeline sustaining the government.

The Treasury Department issued new sectoral sanctions determinations targeting five areas Bessent described as Iran's most vital foreign lifelines: digital assets, technology, gold, aviation, and shipping. Over 60 entities, individuals, and vessels were also sanctioned 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, and those that facilitate money laundering for Iran could be removed from the US dollar system. He also previewed a continuing 'wave of sanctions', saying he expects a 'major announcement' involving a financial institution by the end of the week.

The announcement came as Iran's rial fell to a record low of 2.02 million to the US dollar on Monday, according to the Associated Press. Bessent said the administration has not publicly named the countries or entities it is pressuring, nor disclosed their deadlines to comply.