US Treasury Secretary Scott Bessent on Monday announced a sweeping new economic campaign against Iran, warning that countries and entities engaged in money laundering or continued financial dealings with Tehran face a defined timeline to shut down such activities or be cut off from the US dollar system.
Bessent unveiled the initiative, named "Operation Economic Outcast," at a press conference in Washington, DC, framing it as an unprecedented financial offensive against Tehran and its global enablers.
Drawing a comparison to the Allied invasion of Normandy during the Second World War, he said: "Today, in that same spirit, we are launching an economic onslaught against Iran's financial connections around the globe. Our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone."
The Treasury chief said President Donald Trump had chosen to confront the Iranian threat rather than manage it, adding that nations aligning with Washington would benefit from partnership while those tethered to Tehran would share in the regime's isolation.
The campaign expands secondary sanctions across sectors including digital assets, gold, aviation, technology and shipping, targeting a global network of brokers and shadow-fleet vessels accused of transporting Iranian oil and channelling revenue to the Islamic Revolutionary Guard Corps-Qods Force.
Bessent said Trump was personally contacting world leaders to press for an end to dealings with Iran, with follow-up outreach from the State and Treasury departments to communicate expectations and timelines.
He declined to specify a deadline but said countries failing to respond would face consequences.
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Asked whether Chinese banks could be targeted, Bessent said no entity was beyond the reach of US sanctions, adding that Washington was giving all parties "the opportunity to remedy bad behaviour."
The announcement follows months of US military action against Iran and stalled negotiations, alongside a prolonged naval blockade that has curtailed the country's external trade.
Meanwhile, Iran dismissed the threat, with Economy Minister Ali Madanizadeh insisting the government was fully prepared to withstand the pressure and cautioning that any fresh action would draw a response.
Mohsen Rezaei, a senior security adviser to Iran's leadership, went further, vowing "seismic" retaliation and cautioning that countries backing the sanctions regime risked being treated as adversaries.
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