Treasury Unveils 'Operation Economic Outcast,' Sweeping New Iran Sanctions Targeting Oil, Shipping and Gold

Treasury Secretary Scott Bessent formally unveiled 'Operation Economic Outcast,' sanctioning nearly 60 entities, vessels and individuals across the UAE, Hong Kong, China, Singapore and Switzerland for facilitating Iranian trade in oil, shipping, gold, aviation and digital assets. Bessent said the campaign's goal is to 'sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone,' and that President Trump was personally calling world leaders -- including in China, Turkey and the UAE, Iran's largest trading partners -- with 'specific requests' to cut ties with Tehran. Bessent stopped short of imposing immediate penalties on those countries, instead giving a 'cure period' to wind down Iran-linked trade.