US targets Iran’s financial networks with sanctions under Operation Economic Outcast

The US Treasury Department is ramping up economic pressure on Iran through a campaign dubbed Operation Economic Outcast, a multi-week initiative that has already resulted in 78 designations targeting individuals, entities, and vessels tied to Iran’s financial infrastructure. Treasury Secretary Scott Bessent launched the operation on August 24, 2026, signaling what amounts to the most aggressive sanctions push against Iran’s shadow banking network in years. The campaign’s scope extends well beyond traditional banking, reaching into digital assets, gold, aviation, and oil revenue channels. What Operation Economic Outcast actually does The Office of Foreign Assets Control initially rolled out roughly 60 designations before revising the total upward to 78. Those sanctions cover a sprawling web of procurement networks, cyber operations, and revenue streams that the Treasury believes fund Iran’s government and military apparatus. The designations fall under Executive Order 13902, which gives the Treasury broad authority to sanction sectors of Iran’s economy. This time, the targeted sectors include some newer additions: digital assets and gold sit alongside more traditional targets like o...