The U.S. Department of the Treasury announced Operation Economic Outcast, expanding sanctions against Iran and the Islamic Revolutionary Guard Corps (IRGC).
Treasury established five new sectoral sanctions targeting Iran's digital assets, technology, gold, aviation, and shipping sectors. The Office of Foreign Assets Control (OFAC) designated nearly 60 entities, individuals, and vessels across multiple countries as part of the campaign.
Treasury Secretary Scott Bessent said the action aims to sever Iran's economic lifelines. "Today, in that same spirit, we are launching an economic onslaught against Iran's financial connections around the globe," Bessent said.
The designations targeted networks involved in Iran's procurement of nuclear and missile technology, cyber operations, and oil revenue generation. Specific targets included a procurement network spanning the Middle East and East Asia that has facilitated the acquisition of advanced technology for Iranian military institutions.
OFAC suspended general licenses previously allowing certain remittance payments to Iran and restricted Iranian access to the U.S. cultural and academic systems.
Treasury said it is pressing countries worldwide to shut down Iran-related financial activity, warning that entities facilitating money laundering or sanctions evasion risk being cut off from the U.S. financial system.