The Treasury Department on Monday launched Operation Economic Outcast, a sanctions campaign focused on the Iranian regime and the foreign networks that enable it.
Treasury expanded secondary sanctions risk for individuals and companies that facilitate Iranian activity in five key sectors: digital assets, technology, gold, aviation, and shipping. Officials said anyone supporting these sectors now faces greater exposure to U.S. penalties.
The Office of Foreign Assets Control designated nearly 60 individuals, entities, and vessels across multiple countries, including the UAE, Hong Kong, China, Singapore, Switzerland, and Europe. The targets are accused of helping Iran move oil, procure nuclear and missile technology, conduct cyber operations, and generate revenue for the Islamic Revolutionary Guard Corps.
Treasury, working with the State and War Departments, is pressing foreign governments to shut down identified Iran-related activity within set timelines. Non-compliance will trigger enforcement actions, including potential loss of access to the U.S. financial system.
Several general licenses that previously allowed limited transactions with Iran were also suspended.
