Treasury Secretary Warns Iran's Partners to Cut Ties or Face U.S. Financial Blacklist

Treasury Secretary Scott Bessent warned countries to sever financial ties with Iran or face exclusion from the U.S. dollar system, announcing a new economic pressure campaign called "Operation Economic Outcast" on Monday. The campaign, described as a financial "D-Day," comes as the military front has stalled six months into the war. Bessent offered few specific actions, instead relying on quiet diplomacy, while Treasury expanded sanctions authority over Iranian sectors and targeted 60 entities, individuals, and vessels. Iran's currency hit a record low Monday, and the U.S. naval blockade has reduced oil exports, though Tehran's Strait of Hormuz threats have raised global energy prices. China, Iran's largest trading partner, was not singled out, with Trump hosting Xi Jinping next month.