US expands Iran sanctions, warns nations to cut ties or face exclusion from dollar system

The US Treasury just drew a line in the sand for every country still doing business with Iran, and it came with a countdown clock attached. Treasury Secretary Scott Bessent announced “Operation Economic Outcast” on August 24, a sweeping sanctions campaign targeting Iran’s economic lifelines and the foreign networks that keep them flowing. Over 60 entities, individuals, and vessels were hit in one of the most significant sanctions packages levied against the Iranian regime to date. Five sectors, zero ambiguity The new sanctions span five sectors: digital assets, technology, gold, aviation, and shipping. The aim, according to Bessent, is to “sever every economic lifeline” connecting Iran to the global economy. Countries maintaining business relationships with Iran have been given a defined timeline to wind down operations. The alternative: potential exclusion from the US dollar system. “No one is above the reach of U.S. sanctions,” Bessent said, adding that Iran’s sanctions-evasion networks are increasingly “mappable.” The sanctioned entities were flagged for involvement in nuclear and missile procurement, cyber operations, and oil revenue generation. The Treasury withheld specifics ...