US Cracks Down on Iran with Secondary Sanctions on Trading Partners

US Treasury Secretary Scott Bessent announced on August 24th that Washington is launching 'Operation Economic Outcast' to choke off Iran's economic lifelines. The US believes Iran has been generating revenue in areas such as cryptocurrency, technology, gold, aviation, and shipping while evading existing sanctions.

The plan includes imposing secondary sanctions on countries trading with Iran in these sectors. More than 60 entities, individuals, and vessels worldwide have been newly designated for sanctions by the US government. These include broker networks and shadow fleet vessels spanning several countries including the UAE, Hong Kong, China, Singapore, Switzerland, and Europe.

Bessent stated that any country maintaining economic ties with Iran 'in any form' will face strong US sanctions. President Donald Trump has been calling world leaders to ask them to halt engagement with Tehran. Institutions helping Iran launder money will be cut off from the dollar system, Bessent added.