US announces new sanctions against networks aiding Hezbollah, other Iranian proxies in Middle East

The US government announced new sanctions on Thursday against firms and individuals in Iraq, the UAE, Lebanon, and Turkey for aiding Hezbollah and other Iranian proxies. These actions are part of the Treasury Department's "Operation Economic Outcast," launched on August 24, which aims to cut off funding for Iran's war, missile construction, cyberattacks, and the IRGC. Treasury Secretary Scott Bessent stated, "Operation Economic Outcast is targeting those who continue to stand with the failing Iranian regime." The US also announced a settlement with a citizen for sanctions violations and issued a whistleblower appeal for tips on evasion. The Treasury's Office of Foreign Assets Control (OFAC) will now deny most Iran-related licensing requests, except in exceptional circumstances. A US official noted that the campaign has significantly reduced Iranian oil loadings and offloadings, impacting Iran's economy, though one expert suggested the sanctions would have only a marginal impact on Iran's hard currency movement and criticized the exclusion of Houthi targets.