US Treasury Secretary Bessent announces Operation Economic Outcast, threatening sanctions on countries that trade with Iran

On August 24, 2026, US Treasury Secretary Scott Bessent announced Operation Economic Outcast, a sanctions package targeting Iran's economy and threatening secondary sanctions on countries that maintain economic ties with Tehran. The package sanctioned roughly 60 individuals, entities, and vessels and expanded secondary-sanctions exposure across five sectors: digital assets, technology, gold, aviation, and shipping. Bessent stopped short of imposing the most punishing measures on foreign banks, instead giving countries defined timelines to cut ties with Iran or face expulsion from the US dollar-based financial system. Iran vowed retaliation, and China stated it would not comply with the sanctions.