Treasury Secretary Scott Bessent told G20 finance leaders in Asheville, North Carolina, that the US is poised to unveil sanctions targeting an Iran-linked bank this week, with another round expected the following week. The move marks the latest escalation in what the administration has dubbed “Operation Economic Outcast,” a coordinated campaign to sever the Iranian regime’s access to the global financial system.
Bessent’s remarks came during a gathering of the world’s top economic policymakers. The operation, launched on August 24, 2026, has already drawn in the EU, UK, UAE, and Bahrain as partners.
What Operation Economic Outcast actually targets
The campaign’s primary objective is the Islamic Revolutionary Guard Corps. Bessent described the Treasury’s posture as “zero tolerance” toward any entity doing business with the IRGC.
The initial focus has been on banks and airline leasing companies with ties to the IRGC. In late August, branches of UAE’s Banque Misr were targeted for allegedly processing over $1.8 billion in transactions linked to Iran.
