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US Treasury Launches 'Operation Economic Outcast,' Targets Iran's Oil Revenue, Global Financial Network

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The US Treasury launched Operation Economic Outcast Monday, targeting Iran's global financial network, while warning countries they have a "defined timeline" to shut down activities that enable Tehran's trade.

"Beginning today [Monday], the actions of Treasury and other agencies will tighten the noose and block every potential source of revenue that funds the IRGC," Bessent said.

The Treasury Secretary said they were enforcing a "zero leakage" approach.

"We are enforcing a zero leakage approach. There will be no minimal breathing space for the regime to rebuild its capacity to inflict terror against America and the world," Bessent added.

The campaign targets five sectors that Treasury identified as vital to Iran's economy: digital assets, technology, gold, aviation and shipping, Bessent said.

Treasury's Office of Foreign Assets Control is also sanctioning over 60 entities, individuals and vessels worldwide over Iran's procurement of nuclear and missile technology, cyber operations and oil revenue, Bessent said.

He warned that any economic engagement with Iran would expose the parties involved to the full reach of US sanctions and enforcement measures.

Bessent added Treasury has mapped Iran's oil-smuggling networks, facilitators and financial channels, including exchange houses, free trade zones, banks, shipping routes and other mechanisms supporting Tehran's trade.

"Every country has a defined timeline to shut down activities we have identified. If they do not take action, we will do so unilaterally through Treasury authorities," Bessent said.

"Any entity that facilitates money laundering on behalf of Iran will be removed from the US dollar system. The clock just started ticking," Bessent said, warning financial institutions against supporting Tehran.

On whom President Donald Trump is contacting and what he is seeking, Bessent declined to name the countries but said US officials are telling leaders and entities exactly what Washington expects and the timelines for compliance.

Bessent also warned Chinese banks and other financial institutions that no entity stands above US sanctions if it helps turn Iranian oil into revenue supporting the regime.

"We want to make clear to here today that no one is above the reach of US sanctions. If they facilitate transactions and are part of the ecosystem that turns Iranian oil into money, into repression, they will be targeted," Bessent said.

Bessent pointed to the UAE, saying they had been "very good partners" and taken "the brunt of the Iranian attacks in the Gulf."

He said the UAE's actions last week, cutting trade ties with Iran, likely reflected US engagement and could encourage other countries to reduce business ties with Iran.

"I would expect that you will see a major announcement of a financial institution being sanctioned by the end of this week," Bessent said, adding that a broader wave of sanctions would follow.

Bessent said that the US was spreading the word about the new wave of sanctions.

"... you will see a wave of sanctions when you leave this meeting today, and you should expect that cadence to continue, and I would expect that you will see a major announcement of a financial institution being sanctioned by the end of this week," he said.

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