The U.S. government has launched a new sanctions campaign aimed at isolating Iran from the global economy by targeting the Islamic Republic’s revenue streams, U.S. Treasury Secretary Scott Bessent said on Monday. Codenamed Operation Economic Outcast, the measures seek to disrupt financial flows linked to Iran’s Revolutionary Guards, with a focus on digital assets, technology, gold, aviation and shipping.
Bessent did not detail specific actions but warned that any institution facilitating money laundering on behalf of Iran would face exclusion from the U.S. dollar system. He indicated that a major announcement regarding the sanctioning of a financial institution would be made within the week. The Treasury Department, State Department and U.S. military are coordinating with international partners to press for a halt to economic engagement with Tehran, though no countries were named.
Iran’s Parliament Speaker Mohammed Bagher Ghalibaf criticized the U.S. approach on social media platform X, arguing that Washington lacks the capacity to further restrict Iran’s global ties. He stated that Iran’s trade partners have made clear they do not consider U.S. statements binding. The remarks follow President Donald Trump’s pledge last week to impose what he described as ‘historic’ and ‘devastating’ economic measures against Iran, comparing the effort to a ‘D-Day’ for the country’s economy.
The reference to the June 6, 1944 Allied landings in Normandy drew scrutiny, with Bessent deflecting questions about timing by stating, ‘Why would I want to blow up the global financial system?’ He added that the Treasury has mapped ‘every node, intermediary and network’ Iran has used for oil smuggling and sanctions evasion. The U.S. has also announced additional sanctions targeting companies, individuals and vessels involved in enabling Iran’s oil revenue generation.
The new measures come as the U.S.-Iran conflict remains deadlocked, with no visible progress in weeks despite Trump’s earlier reliance on military strikes to pressure Tehran. The Strait of Hormuz has emerged as a flashpoint, with Iranian controls over maritime traffic and U.S. naval blockades disrupting oil shipments and straining global trade. Iran’s nuclear program, human rights record and support for Russia in its war against Ukraine have historically underpinned Western sanctions, though the latest campaign reflects a broader economic warfare strategy.
Trump has threatened ‘tremendous economic consequences’ for any country, financial institution, company, airport or government agency supporting Iran. He has called for allied cooperation to counter what he describes as an existential threat posed by Tehran.
