US Launches Operation Economic Outcast Against Iran
Treasury Secretary Scott Bessent announced on August 24 an unprecedented campaign of secondary sanctions targeting Iran's digital assets, technology, gold, aviation and shipping sectors, along with more than 60 entities, individuals and vessels.
Washington2 min read
Last updated
US Treasury Secretary Scott Bessent announced on Monday, August 24, 2026, the launch of Operation Economic Outcast, describing it as an unprecedented campaign to sever every economic lifeline sustaining the Iranian regime.
Bessent said the operation aims to force Iran to choose between complete global isolation and a path back to normalcy. New sectoral sanctions determinations target five areas: digital assets, technology, gold, aviation and shipping. These measures broaden secondary sanctions risk for any third party conducting business with Iran.
The Treasury's Office of Foreign Assets Control sanctioned more than 60 entities, individuals and vessels across jurisdictions including the United Arab Emirates, Hong Kong, China, Singapore and Switzerland. These were accused of enabling procurement of illicit nuclear and missile technology, cyber operations and oil-revenue generation.
Bessent stated that the department had mapped every node, facilitator and network used by Iran to smuggle oil and evade previous sanctions. He said any economic engagement of any kind with the regime would expose those responsible to the full reach of American power, and that no one is above the reach of US sanctions.
President Trump has described the measures as economic D-Day. Bessent likened the campaign to the Allied effort in the Second World War to drive the enemy from its positions, including those in third countries.
Iran's currency, the rial, hit a record low of 2.02 million to the US dollar on the open market as the announcement approached. Oil prices fell as markets assessed the potential impact on global supply.
Iranian officials have warned that support for the sanctions by other nations would be treated as an act of war and have threatened restrictions on vessels in the Strait of Hormuz, including fines, detention or confiscation for those violating transit arrangements.
The campaign follows nearly six months of military conflict that has reached a stalemate, with the United States shifting emphasis toward economic pressure. Bessent said the effort would not end until the regime stands alone.
Details of specific country targets beyond the initial list of sanctioned parties were not fully disclosed, with officials indicating further waves of measures and a period for third parties to cut ties.
