Treasury launches ‘Operation Economic Outcast’ against Iran
U.S. Treasury Secretary Scott Bessent announced an “economic onslaught” against Iran’s global trade partners on Monday as part of the financial “D-Day” that U.S. President Donald Trump declared last week.Bessent said that the sanctions program, “Operation Economic Outcast,” was an “unprecedented, whole-of-government” campaign to “collapse every last option for Iran.”“For decades, this regime has drawn strength from a calculus that regards Iranian retaliation as certain and American enforcement as negotiable,” Bessent told reporters. “That era is over.”Iran’s economy has long been subject to primary economic sanctions aimed at hindering its ability to trade oil, fund terrorist groups around the region and finance its missile, drone and nuclear programs.Successive administrations have declined, however, to impose secondary sanctions on many countries and companies that do business with Iran. Many of the countries that retain economic ties with Iran are close partners of the United States, including many of the Arab countries in…
The U.S. Treasury Department launched "Operation Economic Outcast" on Monday, an "unprecedented" campaign to sever Iran's financial lifelines. Treasury Secretary Scott Bessent announced an "economic onslaught" against Iran's global trade partners, stating, "For decades, this regime has drawn strength from a calculus that regards Iranian retaliation as certain and American enforcement as negotiable. That era is over." The initiative aims to "collapse every last option for Iran" by targeting its cryptocurrency, gold, technology, shipping, and aviation sectors. While secondary sanctions on countries and companies doing business with Iran were not immediately imposed, Bessent indicated they would follow, asserting, "no one is above the reach of U.S. sanctions." The move comes after the collapse of a ceasefire memorandum and renewed Iranian attacks on shipping. The United Arab Emirates has already cut ties with Iran, and Bessent expects other nations to follow suit. Israeli Prime Minister Benjamin Netanyahu welcomed the operation, while Iranian parliamentary speaker Mohammad Bagher Ghalibaf dismissed the threats, stating, "Americans know that no one buys their bombast."
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