US launches Operation Economic Outcast against Iran with secondary sanctions push

The United States on Monday launched Operation Economic Outcast, a campaign aimed at severing Iran's remaining economic lifelines.

Treasury Secretary Scott Bessent said the effort targets every network Iran has used to smuggle oil and evade earlier sanctions. The department sanctioned more than 60 entities, individuals and vessels linked to nuclear and missile technology procurement, cyber operations and oil revenue generation.

New sectoral determinations expand secondary sanctions risk in five areas: digital assets, technology, gold, aviation and shipping. Bessent warned that any economic engagement with Iran would expose those involved to the full reach of American power. President Trump has been contacting world leaders to urge them to cut financial ties.

Bessent described the campaign as an economic onslaught and compared it to an economic D-Day. Iran's rial fell past 2 million to the dollar on the unofficial market as the announcement landed.

The measures come after earlier military and nuclear-related pressure and aim to force Tehran into isolation or a path back to normal economic relations. Pakistan's army chief arrived in Tehran around the same time for separate bilateral talks.

Countries that continue trade with Iran, including those that import Iranian oil, face explicit secondary sanctions exposure under the new framework.