US Treasury Chief Unveils Campaign to Isolate Iran
US Treasury Secretary Bessent announced a new economic campaign against Iran. He called it the "greatest financial offensive ever." Bessent named it "Operation Economic Outcast." He said the US would cut all economic ties with Iran.
The effort will target third countries linked to Iran. It expands sanctions to cover digital assets, gold, aviation, technology and shipping.
Groups that help Iran launder money will lose US dollar access. Bessent warned partner nations of isolation and more sanctions.
Those who do not comply will share in the isolation. Bessent said a major bank could face sanctions by week's end.
The campaign aims to reopen the Strait of Hormuz. It also aims to end the nearly six-month war.
Bessent had called the announcement "D-Day" for Iran. But it did not include immediate sweeping action. One expert questioned if it was really an "economic D-Day." The Treasury had already sanctioned Iran-linked companies on August 7.
Key Terms 3
- Strait of Hormuz A narrow sea passage near Iran used for shipping oil.
- US dollar system The global network banks use to trade in US dollars.
- Operation Economic Outcast The name Bessent gave to the new sanctions campaign against Iran.