US launches 'Operation Economic Outcast' to isolate Iran financially
01:45, 25/08/2026, TuesdayU: Update: 01:57, 25/08/2026, Tuesday
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U.S. Treasury Secretary Scott Bessent speaks during a press conference at the Cash Room of the Treasury Department in Washington, D.C., on August 24, 2026, as he announces a new set of sanctions against Iran, describing the measures as “an economic D-Day.”Treasury Secretary Scott Bessent on Monday announced the launch of Operation Economic Outcast, an "unprecedented" campaign to sever Iran's financial lifelines, warning that entities facilitating Tehran's money laundering will be permanently expelled from the US dollar system.
US Treasury Secretary Scott Bessent on Monday announced the launch of Operation Economic Outcast, a sweeping campaign designed to sever Iran's economic lifelines and completely isolate the Islamic Republic from the global financial system. "Our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone," Bessent told reporters.
The operation, directed by President Donald Trump, imposes "unprecedented" sanctions targeting Iran's aviation, shipping, gold, technology, and digital asset sectors, according to the Treasury Department. Bessent characterized the offensive as an "economic D-Day" for the Islamic Republic.
Warning to global banks
Bessent warned that any entity facilitating money laundering for Tehran will be permanently removed from the US dollar system. "I would expect that you will see a major announcement of a financial institution being sanctioned by the end of this week," he said without providing further details.
The campaign follows recent claims from the Trump administration that Iran's military and nuclear infrastructure have been dismantled. Trump has asserted that Tehran is facing 350% inflation and can no longer pay its security forces.
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