US launches Iran sanctions drive targeting key financial lifelines

Bessent said the operation, dubbed “Economic Outcast,” is being carried out on the direction of President Donald Trump and is designed to put further pressure on Iran’s ability to generate and move revenue internationally.

He said the US was seeking to disrupt what it described as the financial networks supporting the Iranian government, arguing that the scale of the American economy gives Washington significant leverage alongside its broader policy toward Tehran.

More entities face secondary sanctions

The Treasury secretary said the latest measures cover more than 60 people, companies and vessels around the world. The expansion also increases the potential exposure of foreign businesses that continue commercial dealings with Iran.

Bessent warned companies and intermediaries involved in moving Iranian oil revenue or helping Tehran circumvent sanctions that they could face severe consequences. He said Washington had identified networks involved in oil smuggling, money laundering and sanctions evasion and was pursuing what he called a “zero leakage” strategy.

US presses allies to cut Iran ties

Bessent said Washington was urging partner countries to close channels used by Iran rather than continue operating in what he described as ambiguous areas. According to the Treasury secretary, US officials from the Treasury and State Department, together with military representatives, have been engaging foreign counterparts over the measures.

He also addressed China, saying Washington preferred to manage discussions with Beijing through quiet diplomacy. Bessent cited the United Arab Emirates’ reported decision to suspend trade and financial transactions with Iran as evidence that US pressure was already producing results.

Possible bank sanctions signaled

Bessent said Trump has personally contacted foreign leaders to urge them to end dealings with Tehran. He also indicated that another major financial institution could be sanctioned before the end of the week, without identifying the institution.

The campaign follows US claims that Iran’s military and nuclear infrastructure has suffered major damage. Trump has separately claimed that Iran is experiencing inflation of 350% and is struggling to meet payments to its security forces.