Treasury Launches New Sanctions Campaign Against Iran

The U.S. Treasury Department launched a new sanctions campaign against Iran on Aug. 24, including sectoral determinations covering five areas and sanctions on more than 60 entities, individuals and vessels.

In remarks released as prepared for delivery, Treasury Secretary Scott Bessent said Operation Economic Outcast began at President Donald Trump’s direction. He described its aim as severing Iran’s global financial connections and blocking revenue reaching the Islamic Revolutionary Guard Corps and the Iranian government.

The determinations cover digital assets, technology, gold, aviation and shipping. Bessent said they broaden the risk of secondary sanctions for anyone continuing to do business with Iran.

Bessent said the Office of Foreign Assets Control was sanctioning more than 60 targets worldwide. He accused them of enabling Iran to procure illicit nuclear and missile technology, conduct cyber operations and generate oil revenue.

The remarks did not identify the targets or provide details supporting those allegations.

Bessent warned that any entity facilitating money laundering on Iran’s behalf would be removed from the U.S. dollar system. He also called for every Bank Melli branch to close.

Teams from Treasury, the State Department and the U.S. military were meeting foreign counterparts to seek action, Bessent said. President Trump was also calling world leaders to ask them to end interactions with the Iranian government.

Bessent said every country had a defined timeline to end activities identified by U.S. officials. The United States would act unilaterally through Treasury authorities if countries failed to take action, he said.

Bessent said the campaign would continue until Iran’s government stood alone. The remarks did not disclose the individual country deadlines or say when unilateral enforcement might begin.