US Hits Iran Where It Hurts: US Unleashes ‘Economic Outcast’ on Iran, Targets Tehran’s Oil, Shipping and Financial Lifelines

WASHINGTON, Aug 24: The US Treasury Department has launched “Operation Economic Outcast,” a sweeping campaign aimed at cutting off the financial networks supporting Iran’s government, the Islamic Revolutionary Guard Corps (IRGC) and other entities accused of sanctions evasion.

The campaign, launched at President Donald Trump’s direction, is designed to intensify economic pressure on Tehran by targeting its oil revenues, shipping networks, procurement channels, cyber operations and other sources of income.

Treasury Secretary Scott Bessent said the United States would target Iran’s financial connections around the world and warned countries and companies facilitating business with Tehran that they could face consequences.

The Treasury said it has identified networks and financial channels used by Iran to smuggle oil, evade sanctions and generate revenue.

Washington said it would work with other US agencies and international partners to target these networks and prevent Iran from accessing funds that support its military and regional activities.

The Treasury also warned that entities helping Iran launder money or evade sanctions could be cut off from the US financial system.

The US has expanded the potential scope of secondary sanctions to five sectors of Iran’s economy:

The Treasury’s Office of Foreign Assets Control (OFAC) sanctioned nearly 60 individuals, companies and vessels across several jurisdictions.

The targets include networks allegedly involved in nuclear and missile technology procurement, cyber operations and the generation and movement of Iranian oil revenues.

The US said the measures also target companies and intermediaries operating across the Middle East, Asia and Europe that allegedly help Iran move oil and channel revenue to the IRGC and other Iranian entities.

The sanctions also target Iranian cyber actors accused of carrying out attacks against US critical infrastructure and stealing data.

Washington said several Iranian hackers linked to the Ministry of Intelligence and Security (MOIS) had targeted companies and institutions in sectors including energy, defense, healthcare, information technology and finance.

The Treasury also accused one of the targeted individuals of involvement in cryptocurrency theft.

A major part of the campaign focuses on Iran’s network of vessels and companies accused of transporting Iranian crude oil and petroleum products while attempting to evade US sanctions.

The Treasury identified several vessels alleged to have transported millions of barrels of Iranian oil to international markets, including Asia.

Companies linked to vessels including the SIFRA, G SILVER, QUANTUM HOPE, VOYAGE ELITE and TELA were also targeted.

Washington also warned foreign companies and financial institutions that continuing to conduct significant business with sanctioned Iranian entities could expose them to secondary sanctions.

The Treasury said the campaign would continue to target companies, financial intermediaries, shipping operators and other facilitators that help Tehran bypass US restrictions.

The latest measures mark a significant expansion of Washington’s economic pressure campaign against Iran, with the US saying its objective is to cut the financial channels that sustain the Iranian government and its military and regional activities.