‘Operation Economic Outcast’: Trump Admin Launches Economic D-Day Against Iran

Treasury Secretary Scott Bessent on Monday launched “Operation Economic Outcast,” a campaign to cut Iran off from the global economy and punish governments, banks, and companies that continue doing business with Tehran.

The announcement comes roughly six months after President Donald Trump launched his military campaign against Iran, with Bessent saying the new economic offensive will target the financial networks and revenue streams that sustain the Iranian government, military, and security apparatus.

Bessent described the campaign as an “economic D-Day,” comparing it to the Allied invasion of Normandy during World War II, and warned that countries enabling Iran’s trade and financial activity will face U.S. sanctions.

“Our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone,” Bessent said. “President Trump has taken action that his predecessors have long deferred, and under his leadership, America is no longer managing the Iranian threat; we are ending it.”

The campaign marks a significant escalation in Washington’s pressure on Tehran. Rather than focusing solely on Iranian entities, the administration is threatening the international banks, companies, and governments that help keep Iran connected to the global financial system.

Bessent said the Treasury has mapped the networks Iran uses to smuggle oil and evade sanctions and will pursue a “zero-leakage approach” to cutting off those channels. The administration is giving countries and entities a chance to shut down activities identified by Washington, but Bessent warned that the window will be short.

“No one is above the reach of U.S. sanctions,” Bessent said when asked whether Chinese banks could eventually be targeted. 

He declined to name specific institutions but said any bank or entity that facilitates transactions that turn Iranian oil into revenue for the regime could face sanctions.

The first round of measures targets five sectors Bessent called vital Iranian lifelines: digital assets, technology, gold, aviation, and shipping. 

Treasury’s Office of Foreign Assets Control (OFAC) is also sanctioning more than 60 entities, individuals, and vessels accused of helping Iran procure nuclear and missile technology, conduct cyber operations, and generate oil revenue.

Bessent said every branch of Bank Melli, Iran’s largest commercial bank, should be “shuttered and dark” and warned that entities facilitating money laundering for Iran would be cut off from the U.S. dollar system.

Trump has been calling world leaders with specific requests to end their interactions with Tehran, Bessent said, while State Department and Treasury officials are following up with governments and entities to outline Washington’s expectations. He declined to identify the countries involved or give a specific deadline, saying the United States does not have “infinite patience.”

Bessent said a “wave of sanctions” would begin immediately and predicted a major announcement involving a financial institution by the end of the week.

He pointed to the United Arab Emirates as an early example of a country responding to the pressure. The UAE suspended all trade with Iran last week following new Iranian attacks on the Gulf country, which has faced hundreds of attacks since the war began.

Asked why the United States was not simply imposing the sanctions immediately, given his comparison to D-Day, Bessent said Washington did not want to “blow up the global financial system” and instead is giving countries and institutions a chance to remedy what the administration considers bad behavior before imposing secondary sanctions.

Iranian Foreign Ministry spokesman Esmaeil Baghaei warned Monday that Tehran will retaliate against President Trump’s “Economic D-Day” sanctions campaign, including potentially targeting countries that cooperate with Washington.

“Any escalation of this situation will undoubtedly bring about consequences,” Baghaei said. “Our hands are not tied.”