US Treasury Chief Unveils ‘Operation Economic Outcast’ Campaign Against Iran

ERBIL (Kurdistan24) – US Treasury Secretary Scott Bessent on Monday unveiled plans for what he called the “Operation Economic Outcast” of Iran, expanding Washington’s secondary sanctions threats and warning countries and financial institutions that refuse to join the pressure campaign of potentially severe consequences.

Bessent’s remarks came nearly six months into the war between the United States, Israel and Iran, which has reached a stalemate amid stalled peace talks and restrictions on shipping through the strategic Strait of Hormuz.

“Around the globe, our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone,” Bessent told reporters.

“We are going to hold everyone accountable, and this is economic asphyxiation of this regime,” he said.

Bessent warned that countries that decline to participate in the US sanctions campaign would “share in the isolation” of Iran. He also said US President Donald Trump was calling foreign leaders and asking them to halt economic interactions with Tehran.

The US Treasury Department said it had issued determinations targeting five sectors — digital assets, technology, gold, aviation and shipping — that it accused the Iranian government of using to support its economy.

Bessent also warned that any entity facilitating money laundering on behalf of Iran would be “removed from the US dollar system.”

Asked whether Chinese banks conducting business with Iran could face sanctions, Bessent said, “no one is above the reach of US sanctions.”

Earlier, Bessent described the campaign as an “economic D-Day” against Tehran in an opinion article published by the Financial Times.

The measures mark a shift in Washington’s approach as the conflict enters its sixth month, with the Trump administration increasingly emphasizing economic pressure after months of military confrontation.

Trump on Monday said Iran was “completely collapsing” in a post on his Truth Social platform, as his administration shifted its focus from military action toward a broader economic campaign aimed at weakening Tehran.

The United States and Israel launched their military offensive against Iran on February 28, triggering Iranian retaliation across the region and disrupting energy and maritime trade.

Iran has since restricted most traffic through the Strait of Hormuz, a critical global energy route, while negotiations aimed at ending the conflict have stalled.

In Tehran, the Islamic Revolutionary Guard Corps (IRGC) said Monday it was ready to strengthen cooperation with the Iranian government to confront what it described as an economic war and broad sanctions imposed by Iran’s adversaries.

According to Iran’s Tasnim News Agency, the IRGC said coordination with the government was essential to overcoming sanctions and strengthening national resilience, signaling closer cooperation between Iran’s military establishment and the government as Washington intensifies its economic pressure.