US launches 'Operation Economic Outcast' to cut Iran's economic lifeline

US Treasury Secretary Scott Bessent has announced an economic pressure campaign against Iran, vowing to target Tehran's financial interests across the world. 'Around the globe, our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone,' he said. He said countries around the world must choose between the US and Iran, stressing that the new campaign exposes Tehran's trade partners to secondary penalties. Bessent emphasised that 'no one is above the reach of US sanctions'. If countries and entities 'facilitate transactions and are part of the ecosystem that turns Iranian oil into money, into repression, they will be targeted', he said. While the US did announce a new wave of sanctions against Iran, Monday's campaign did not target any major international economic institution for dealing with the country. Bessent framed the push as a strong warning for countries and companies across the world. Asked why the US is threatening Iran's business partners instead of penalising them, Bessent said: 'Well, we are giving everyone the opportunity to remedy bad behaviour. Why would I want to blow up the global financial system?' The US Treasury also imposed fresh sanctions on 60 entities, vessels and individuals across the world — including in the United Arab Emirates, Hong Kong, China, Singapore and Switzerland — accusing them of enabling the 'Iranian regime's recklessness'.