US Launches 'Operation Economic Outcast' Sanctions Campaign; Rial Hits Record Low

US Treasury Secretary Scott Bessent announced 'Operation Economic Outcast,' a sweeping sanctions campaign — which he likened to 'economic D-Day' — aimed at severing Iran's remaining financial lifelines. The action named more than 60 targets, including moves to close access for every branch of Bank Melli and to sanction a UAE bank accused of laundering funds for Iran's shadow banking network, and threatens secondary sanctions on any country continuing to trade with Tehran. Iran's rial fell to a record low of roughly 2.02 million to the US dollar as markets opened, down from about 1.53 million in early March, as traders priced in the impending measures.