Treasury Secretary Scott Bessent on Monday announced expansive new sanctions against Iran and its supporters as the war approaches its six-month mark.
The initiative, which federal officials have dubbed Operation Economic Outcast, specifies five new areas that can be subject to secondary sanctions: digital assets, technology, gold, aviation and shipping.
The Office of Foreign Assets Control, housed within the Treasury Department, also announced sanctions on nearly 60 people and entities that it accused of supporting Iran, among other actions.
“Our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone,” Bessent said in a statement announcing the measures.
“Those who stand with the United States will reap the rewards of our partnership,” he continued. “Those who tether themselves to Tehran should expect to share in the isolation of a withering regime.”
The announcement does not clarify when countries must come into compliance to avoid being sanctioned.
“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,” Bessent said in a statement announcing the new sanctions. “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.”
The latest round of sanctions comes after President Donald Trump threatened “tremendous economic consequences” on any country providing “any type of lifeline” to the nation. Bessent previewed the latest crackdown in an interview with CNBC’s “Squawk Box” on Thursday, saying the measures would “squash” the country’s ability to bankroll its military.
This is a developing story. Check back for updates.
Akayla Gardner contributed reporting.
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