US Targets Iranian Digital Asset Ties in Economic Sanctions Campaign

The U.S. Treasury has launched Operation Economic Outcast, an effort to cripple Iran's economy by targeting its use of digital assets to bypass traditional sanctions.

Treasury Secretary Scott Bessent emphasized that any entity facilitating money laundering or sanctions evasion on behalf of Iran risks being cut off from the U.S. financial system.

The first wave of actions includes sanctioning a cyber group within Iran's Ministry of Intelligence and Security (MOIS) responsible for crypto heists, including those targeting U.S. institutions and companies.

Countries affected by these sanctions include China, Iraq, Turkey, India, and Russia, with China purchasing Iranian oil and the others buying Iranian gas for power generation.