Treasury Secretary Scott Bessent announced a sweeping new U.S. economic campaign against Iran and warned countries, banks, and companies around the world that helping the Iranian regime could cost them access to the U.S. dollar system.
Bessent unveiled "Operation Economic Outcast," a campaign aimed at severing Iran’s financial connections and revenue sources around the globe. Treasury announced new sectoral sanctions targeting digital assets, technology, gold, aviation, and shipping, while the Office of Foreign Assets Control is sanctioning more than 60 entities, individuals, and vessels linked to Iranian oil revenue, nuclear and missile procurement, and cyber operations.
Bessent said the U.S. will pursue a "zero leakage" approach, warned that no country or entity is beyond the reach of U.S. sanctions, and said nations enabling Iran are being given defined timelines to stop identified activities. He also said a major financial institution could face sanctions by the end of the week.
During questions, Bessent addressed potential sanctions against Chinese banks and shipping firms, pressure on countries doing business with Iran, Treasury bond yields and buybacks, the U.S.-Canada relationship, and why the administration is giving Iran’s economic partners an opportunity to change course before imposing additional secondary sanctions.
Timestamps
00:00 Bessent launches Operation Economic Outcast
01:21 Iran faces two economic choices
02:01 Treasury targets Iran’s global financial network
03:12 Warning to countries enabling Iran
04:17 Nations get deadlines to cut Iran ties
04:47 Banks face potential dollar-system cutoff
05:32 More than 60 Iran-linked targets sanctioned
06:07 Bessent promises a sustained economic campaign
07:10 Countries told to choose prosperity or isolation
07:55 Could Chinese banks face secondary sanctions?
09:28 Trump pressures world leaders over Iran
10:18 Bessent says U.S. patience is limited
10:33 Yahoo Finance asks about China and bond yields
11:13 Bessent addresses Treasury auctions
12:34 UAE actions and global pressure on Iran
13:10 Bessent promises a continuing wave of sanctions
13:49 Major financial institution could be sanctioned this week
14:25 Bessent addresses U.S.-Canada tensions
15:16 Could Treasury expand bond buybacks?
15:52 Why sanctions aren’t being imposed all at once
16:37 Bessent calls secondary sanctions a warning shot
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