5 sectors and a warning for world: US launches ‘Operation Economic Outcast’ against Iran

“It is now time for world leaders to make to decision between America and Iran,” Bessent said.

The United States has launched what Treasury Secretary Scott Bessent described as an “unprecedented” economic campaign against Iran, targeting the country’s financial networks, oil revenues and global economic connections as Washington seeks to tighten pressure on Tehran.Bessent said the US Treasury had begun “Operation Economic Outcast” at President Donald Trump’s direction, comparing the campaign to the Allied offensive on D-Day during the Second World War.“Today at President Trump’s direction. The United States Treasury has begun Operation Economic Outcast, an unprecedented campaign against the Islamic Republic of Iran and its enablers. 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. Today, in that same spirit, we are launching an economic onslaught against Iran’s financial connections around the globe, around the globe,” he said.Bessent said the objective was to cut off the financial channels supporting Iran’s government, including those linked to the Islamic Revolutionary Guard Corps (IRGC).“Our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone. Iran’s fanatics devote themselves to death to America and seek nuclear weapons to do just that. They have murdered and maimed more of our citizens and service members than any other terrorist regime on Earth, and they have been at war against America, their neighbors in the Gulf, and much of the world for 47 years.”Bessent said that the sanctions would target 5 key sectors:

“It is now time for world leaders to make to decision between America and Iran,” he added.He said continued economic engagement with what he called a “terrorist regime” would expose those involved to US financial power. Bessent presented Tehran with two possible paths: complete global isolation or a return to normal economic relations.Just before Bessent’s address the US Treasury had sanctioned nearly 60 Iran-linked entities, individuals and vessels across nuclear, missile, cyber and oil networks. The measures also targeted a network of broker companies supporting shadow-fleet vessels operating across the United Arab Emirates, Hong Kong, China, Singapore, Switzerland and Europe.The measures come as Iran’s economy faces mounting pressure. The rial fell to a record low of around 2.02 million to the US dollar, while food prices have surged since the war began. Rice prices have risen by around 60%, while beef has become more than 150% costlier. The International Monetary Fund forecasts Iran’s GDP will contract by more than 5%.Trump has also framed the campaign as pushing Iran towards economic and military collapse.“IRAN IS COMPLETELY COLLAPSING!!! President DJT,” Trump wrote on Truth Social, later describing Iran as being in an “economic and military death spiral”.Bessent had earlier called the campaign an “economic D-Day”, saying, “We are now entering the endgame. At dawn begins an economic D-Day — the single greatest financial offensive ever marshaled against an adversary.”Iran has warned that the pressure could trigger a wider confrontation. Supreme National Security Council Secretary Mohsen Rezaei said Tehran could halt all oil exports through the Strait of Hormuz and elsewhere in the Persian Gulf if the US economic campaign continued.