Bessent launches Operation Economic Outcast with new Iran sanctions

Bessent launches Operation Economic Outcast with new Iran sanctions Bryony Gooch Monday 24 August 2026 18:46 BST Bookmark popover Removed from bookmarks Close popover US warns any country doing business with Iran faces 'full reach of American power' U.S. Treasury Secretary Scott Bessent announced Operation Economic Outcast, imposing sanctions on nearly 60 Iran -linked entities, individuals, and vessels across nuclear, missile, cyber and oil networks. The U.S. Treasury Department suspended general licenses that previously permitted remittance payments to Iran. The campaign enforces a zero-leakage approach designed to cut off revenue streams funding the IRGC and the Iranian regime. President Donald Trump has called out to world leaders to urge them to cut economic ties and cease interactions with Iran, Bessent said. Bessent also called on world leaders to choose between the U.S. and Iran, declaring that nations cannot engage with the regime while benefiting from the American economic system. In full Iran-US war latest: Bessent says countries with economic ties to ‘murderous’ regime will feel ‘full reach of US power’