Bessent launches Operation Economic Outcast with secondary sanctions on Iran

U.S. Treasury Secretary Scott Bessent announced Operation Economic Outcast, a sweeping sanctions campaign expanding secondary sanctions across five sectors: digital assets, technology, gold, aviation, and shipping. The Treasury Department's Office of Foreign Assets Control designated over 60 entities, individuals, and vessels to isolate Iran's financial network and sever its oil export revenues.

Why this matters. The secondary sanctions force international maritime shippers and foreign financial institutions to sever Iranian oil trade or face removal from the U.S. dollar banking system.