The United States has launched an unprecedented economic campaign against Iran and expanded sanctions
Kyiv • UNN
The United States has launched the “Economic Outcast” campaign and expanded sanctions against nearly 60 organizations, individuals, and vessels. The restrictions cover oil, cyber operations, and technology.
On August 24, at the direction of President Donald Trump, the U.S. Department of the Treasury launched a large-scale economic campaign against Iran and networks associated with it, simultaneously imposing sanctions on nearly 60 organizations, individuals, and vessels. The U.S. Department of the Treasury reported this, UNN writes.
Details
The department called the campaign "Operation Economic Outcast" and said its aim was to cut off the financial channels supporting the activities of the Iranian regime and the Islamic Revolutionary Guard Corps. According to U.S. Treasury Secretary Scott Bessent, Washington intends to systematically dismantle Tehran’s economic ties around the world.
Today, in the same spirit, we are launching an economic offensive against Iran’s financial ties around the world. Our goal is to interrupt every economic path that supports this tyrannical regime until Tehran is left alone
U.S. expands sanctions pressure
As part of the new campaign, the U.S. Department of the Treasury expanded the categories of activities for which foreign companies and individuals may face secondary sanctions. These include five key sectors of Iran’s economy: digital assets, technology, gold, aviation, and shipping.
The Treasury Department said Iran uses cryptocurrencies to evade sanctions, seeks access to advanced technologies for military programs, uses gold to support its currency, and uses the aviation and maritime sectors to transport weapons, technology, oil, and other resources.
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In addition, the U.S. Treasury’s Office of Foreign Assets Control imposed sanctions on nearly 60 organizations, individuals, and vessels across several jurisdictions. The restrictions target networks linked to the procurement of nuclear and missile technologies, cyber operations, the illicit sale of Iranian oil, and the financing of IRGC activities.
OFAC also suspended several general licenses that had previously allowed certain money transfers to Iran and Iranian citizens’ access to the U.S. cultural and academic systems. Separately, the department issued guidance on sanctions risks for companies that comply with Iran’s shipping requirements through the Strait of Hormuz.
Oil and cyber networks targeted by sanctions
The U.S. sanctions also target networks that provide Iran with revenue from oil sales and help it evade international restrictions. According to the U.S. Treasury Department, brokers, companies, and vessels in countries across the Middle East, Asia, and Europe are involved in such schemes.
Separately, Washington imposed restrictions on participants in a network that the United States links to the procurement of sensitive technologies for Iran’s nuclear research and missile programs. According to the U.S. side, more than 20 organizations and individuals in countries across the Middle East and East Asia helped Iran obtain dual-use technologies through front companies and intermediaries.
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Iranian cyber operators whom the United States accuses of attacking American companies and government institutions were also sanctioned. According to the Treasury Department, since late 2023, members of the relevant networks have compromised the systems of U.S. critical infrastructure companies, particularly in the energy, defense, healthcare, technology, and financial sectors.
The U.S. department also said it was targeting Iran’s "shadow fleet," which facilitates the transportation of oil to international markets. The sanctions target companies and vessels that, according to the United States, transported millions of barrels of Iranian oil and petroleum products to China and other countries.
The U.S. Treasury Department emphasized that Washington expects other countries to take immediate action to terminate activities linked to Iran. Foreign companies and financial institutions that continue helping Tehran evade sanctions or conduct prohibited transactions risk being subjected to secondary sanctions and losing access to the U.S. financial system.