The U.S. Department of the Treasury on Monday launched “Operation Economic Outcast,” an unprecedented economic campaign targeting Iran’s financial networks, oil revenues, shipping operations, technology procurement and other sources of support.
The operation was ordered by President Donald Trump and is designed to isolate the Iranian regime while increasing the risks for foreign governments, companies and individuals that facilitate Iran-related activity.
“In the Second World War, D-Day marked the historic beginning of a campaign with our allies to target and drive the enemy from its positions, including those in third countries,” Treasury Secretary Scott Bessent said. “Today, in that same spirit, we are launching an economic onslaught against Iran’s financial connections around the globe.”
“Our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone,” he said.
Treasury Targets Five Key Sectors
The Treasury Department’s Office of Foreign Assets Control (OFAC) issued five sectoral sanctions determinations targeting areas that officials say Iran uses to sustain its economy and evade sanctions:
- Digital assets
- Technology
- Gold
- Aviation
- Shipping
The measures expand potential secondary sanctions against foreign persons operating in or providing services connected to those sectors on behalf of Iran.
Treasury said Iran increasingly uses cryptocurrency to evade sanctions, while seeking advanced technologies for weapons programs. Officials also accused the regime of using gold to stabilize its currency and commercial aviation to transport fighters, weapons, sensitive technology, gold and cash.
Iran’s shipping networks, Treasury said, transport weapons components, missile precursors and oil.
Nearly 60 Targets Sanctioned
OFAC also sanctioned nearly 60 entities, individuals and vessels across multiple jurisdictions over alleged involvement in Iran’s nuclear and missile technology procurement, cyber operations and oil revenue networks.
Treasury said one procurement network used front companies, financial channels and logistics intermediaries across the Middle East and East Asia to obtain sensitive dual-use technology for Iranian military institutions.
The department also sanctioned Iranian cyber actors accused of compromising U.S. critical infrastructure, including energy, defense, health care, technology and financial organizations. The action followed a Justice Department announcement earlier this month charging 17 Iranian cyber actors.
Iran’s Oil and Shipping Networks Targeted
A major focus of the operation is Iran’s oil industry and the international shipping network that Treasury says helps the regime move crude oil and petroleum products.
Officials sanctioned brokers, shipping companies and financial intermediaries based in countries including the United Arab Emirates, Singapore and Hong Kong.
Treasury also identified five vessels — SIFRA, G SILVER, QUANTUM HOPE, VOYAGE ELITE and TELA — as blocked property after alleging they transported Iranian crude oil or petroleum products.
The department said Iran’s “shadow fleet” remains an important source of revenue for the regime and its military organizations.
Treasury also sanctioned companies associated with commodities trader Wellbred Capital and subsidiaries that officials said were involved in trading oil and other petrochemical products connected to Iranian oil networks.
U.S. Demands Action From Foreign Governments
Bessent said Treasury, State Department and War Department teams are meeting with foreign governments and demanding that they shut down Iran-related activities identified by the United States.
“If they do not take action, we will do so unilaterally through Treasury authorities,” Bessent said.
He specifically called for every Bank Melli branch to be shuttered and warned that entities facilitating money laundering for Iran risk losing access to the U.S. financial system.
“Any entity that facilitates money laundering on behalf of Iran will be removed from the U.S. dollar system,” Bessent said.
OFAC also suspended several general licenses involving certain remittance payments to Iran and Iranian access to portions of the U.S. cultural and academic system. Additional guidance was issued concerning sanctions risks involving shipping through the Strait of Hormuz.
Bessent Warns Campaign Will Continue
Bessent described the operation as a sustained campaign rather than a single round of sanctions.
“Treasury has mapped every node, every facilitator, and every network that Iran has used to smuggle oil and evade sanctions,” he said.
“Those who stand with the United States will reap the rewards of our partnership,” Bessent said. “Those who tether themselves to Tehran should expect to share in the isolation of a withering regime.”
“The campaign we begin today will gather force with every day that follows. And it will not end until this regime stands alone,” he concluded.
Iran’s response
Mohsen Rezaei, Iran’s security chief, said the country would retaliate if the U.S. proceeds with the sanctions, adding a warning for other nations that may choose to join America in the sanctions.
“If the countries surrounding Iran join the Americans in their economic war, not a drop of oil will leave the Persian Gulf and the Strait of Hormuz,” Rezaei said, per The Guardian.
An international lawyer with ties to Iran called the U.S. demands a “claim of jurisdiction over the world, and every sovereign state on Earth is its real addressee.”
“Iran is merely the occasion,” he added.
Provided by Dallas Express
