U.S. Treasury Secretary Scott Bessent announced “Operation Economic Outcast,” a major expansion of secondary sanctions aimed at countries and companies doing business with Iran. The campaign will target sectors including oil, shipping, aviation, technology, gold and digital assets, with the U.S. threatening sanctions against entities that fail to cut Iran-related business.
According to Axios, the Treasury also sanctioned nearly 60 entities, individuals and vessels linked to nuclear and missile technology procurement, cyber operations and oil smuggling, while suspending several previously issued licenses for transactions involving Iran.
The administration plans to give countries deadlines to end Iran-related trade and warned that even China and other major trading partners could face sanctions. A major financial institution is expected to be sanctioned by the end of the week.
However, the effectiveness of the campaign will depend on whether Washington can persuade Western allies and countries such as China, Russia, India, Turkey, Pakistan and Qatar to enforce the measures. The U.S. already has extensive secondary sanctions on Iran but has not always enforced them fully.
The pressure comes as Iran's economy faces a deeper crisis following the war and U.S. naval blockade, which has sharply reduced oil exports.
Iranian leaders have publicly rejected the U.S. pressure but acknowledge the seriousness of the economic situation. President Masoud Pezeshkian has called for an end to the war, while Parliament Speaker Mohammad Bagher Ghalibaf warned that without a strong economy, Iran's security and political system could not be sustained.