The Trump administration has initiated a new sanctions campaign targeting Iran, dubbed "Operation Economic Outcast," aimed at severing the regime's revenue streams. Treasury Secretary Scott Bessent announced the initiative, stating its objective is to "tighten the noose" around Iran by pressuring countries to cease oil, energy, and business deals with Tehran.
Bessent indicated that President Trump has personally engaged with world leaders, conveying specific demands for compliance. "America does not have infinite patience" for nations that continue to conduct business with Iran, Bessent stated, though he did not name specific countries that have been contacted or are non-compliant.
"The president is making phone calls to world leaders with specific requests to cease their interactions with the regime. We are already seeing results," Bessent said. The campaign follows a prolonged period of tension and conflict, with the administration previously alluding to an "Economic D-Day" strategy.
As part of the operation, Bessent issued a warning to countries to shutter branches of Bank Melli, identified as Iran's largest government-owned commercial bank. This move is intended to "foreclose every other option available" and implement a "zero leakage approach" to deny the Iranian regime "minimal breathing space" for economic recovery.
"Iran now faces a very clear choice, with only two paths before them: complete global isolation and a subsistence economy, or a path back to normalcy with an opportunity to rejoin the global economy," Bessent explained. He also foreshadowed additional sanctions, including the potential sanctioning of a major financial institution by the end of the week, describing the overall strategy as "economic asphyxiation."