Washington, Aug 24 (IANS) US Treasury Secretary Scott Bessent on Monday launched what he called an “economic onslaught” against Iran, warning governments, banks and companies worldwide that they must choose between doing business with Tehran and retaining access to the American financial system.
Bessent announced “Operation Economic Outcast”, a sustained campaign intended to sever Iran’s financial connections, oil revenues and other economic lifelines.
“Today, at President Trump’s direction, the United States Treasury has begun Operation Economic Outcast, an unprecedented campaign against the Islamic Republic of Iran and its enablers,” Bessent told reporters in Washington.
He compared the campaign to the Allied offensive launched during the Second World War.
“In the Second World War, D-Day marked the historic beginning of a campaign with our allies to target and drive the enemy from its positions, including those in third countries,” he said.
“Today, in that same spirit, we are launching an economic onslaught against Iran’s financial connections around the globe, around the globe.”
Bessent said the objective was to “sever every economic lifeline that sustains this tyrannical regime” and leave Tehran isolated.
The Treasury has mapped networks, facilitators and financial channels used by Iran to smuggle oil, evade sanctions and finance the Islamic Revolutionary Guard Corps, he said.
The administration has also begun directly pressing foreign governments to close activities identified by Washington. Bessent said President Donald Trump was making calls to world leaders with specific demands.
“Every country has a defined timeline to shut down activities we have identified,” he said. “If they do not take action, we will do so unilaterally through Treasury authorities.”
Bessent declined to identify the countries receiving the demands or disclose their deadlines. But he made clear that Washington expected quick compliance.
“We do not have infinite patience here,” he said.
The Treasury secretary warned that financial institutions helping Iran launder money could lose access to the US dollar system.
“Those who stand with the United States will reap the rewards of our partnership,” Bessent said. “Those who tether themselves to the Iranian regime should expect to share in the isolation of a withering regime.”
As part of the opening round, the Treasury expanded secondary sanctions exposure covering five Iranian economic sectors: digital assets, technology, gold, aviation and shipping.
The Office of Foreign Assets Control also sanctioned nearly 60 entities, individuals and vessels. The targets were accused of enabling Iranian nuclear and missile technology procurement, cyber operations and oil-revenue networks.
The action included four Indian companies — Portease Partners LLP, PP Softtech Private Limited, Prakrutees Infra Impex India Private Limited and Sadashiva Overseas Limited. Three Indian nationals, Prashant Garg, Harish Ramchandra Rangi and Indrismiya Asharafmiya Shekh, were also designated.
The Treasury suspended several general licences that had authorised certain remittance payments and Iranian access to US sporting, cultural and academic exchanges. It also issued guidance about sanctions risks linked to Iranian demands involving shipping through the Strait of Hormuz.
Bessent said no country or company would be shielded from US action, including banks or shipping businesses helping convert Iranian oil into money.
“No one is above the reach of US sanctions,” he said. “We know who they are. They know who they are. So when the hammer of US Treasury actions falls upon them, they will have no one to blame but themselves.”
He said additional measures would follow, including action against a financial institution by the end of the week.
“This is a sustained campaign to collapse every last option for Iran,” Bessent said. “An economic engagement of any kind with this murderous regime will expose those responsible to the full reach of American power.”
–IANS
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