The United States has launched a new campaign to squeeze Iran's economy and cut off the financial networks supporting Tehran, with Treasury Secretary Scott Bessent warning countries and companies around the world that they could face US penalties if they continue doing business with Iran.
Bessent announced the campaign, dubbed “Operation Economic Outcast,” on Monday, saying Washington would target Iran's sources of revenue, including its oil trade, and pressure foreign companies and governments to sever economic ties with Tehran.
“Around the globe, our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone,” Bessent said.
He warned that no country or company was beyond the reach of US sanctions and said entities facilitating Iranian transactions or helping turn Iranian oil into revenue would be targeted.
The campaign focuses on five areas that US officials describe as vital to Iran's economy: digital assets, technology, gold, aviation and shipping. The US Treasury also announced sanctions against 60 entities, vessels and individuals in countries and territories including the United Arab Emirates, Hong Kong, China, Singapore and Switzerland, accusing them of helping Iran evade sanctions and maintain its economic activities.
