US Treasury Secretary Scott Bessent launches ‘Operation Economic Outcast’ targeting Iran, urges G7 allies to enforce sanctions

The US Treasury just declared what amounts to economic war on anyone still doing business with Iran. Secretary Scott Bessent unveiled “Operation Economic Outcast” on August 24, a sweeping sanctions campaign that targets nearly 60 entities, individuals, and vessels across the globe, and he’s pressing G20 finance ministers to fall in line. Bessent didn’t mince words about the consequences for holdouts. Countries that fail to sever ties with Iranian entities within defined timelines face the nuclear option of international finance: exclusion from the dollar system. What Operation Economic Outcast actually covers The sanctions span an unusually broad set of sectors. Digital assets, technology, gold, aviation, and shipping all fall under the new enforcement umbrella, reflecting the Treasury’s view that Iran has diversified its evasion playbook well beyond traditional oil smuggling. The campaign also takes aim at Iran’s oil revenue networks, nuclear and missile procurement operations, and cyber-related activities. Bessent framed the effort as an “economic D-Day,” language designed to convey that Washington considers this a decisive escalation rather than routine enforcement. Nearly six m...