US Tightens Financial Pressure on Iran, Targets Networks Accused of Moving Millions

WASHINGTON, Oct 16: US Treasury Secretary Scott Bessent said Thursday that Washington would continue tightening financial pressure on Iran until the government is deprived of the funds sustaining its military, following the announcement of a new round of sanctions targeting Iran-linked financial networks.

“The noose is tightening around Iran’s economy, and not even Iran’s so-called allies can save it,” Bessent said in a post on X.

“The Department of the Treasury will not relent until the Iranian regime’s coffers are empty and every remaining financial lifeline sustaining its war machine has been severed,” he added.

The US Treasury Department said the latest measures, announced under its Operation Economic Outcast campaign, target Iran’s efforts to access the international financial system through an Iraqi bank and other offshore and shadow-banking networks.

According to the department, the networks moved hundreds of millions of dollars through shell companies and foreign-exchange specialists operating across the Middle East and Asia.

The Treasury said the operation aims to disrupt financial channels that Iran allegedly uses to evade sanctions, generate revenue and finance its military and allied armed groups.

The latest action forms part of Washington’s broader effort to restrict Tehran’s access to international financial channels and cut off funding it says supports Iran’s military activities and regional operation