US launches 'Economic Outcast' sanctions on Iran

The United States launched a major expansion of economic sanctions against Iran on Monday, August 24, 2026, in an operation dubbed "Economic Outcast," targeting Tehran's global financial networks across multiple sectors. Treasury Secretary Scott Bessent announced the measures, which include secondary sanctions on digital assets, technology, gold, aviation, and shipping. The sanctions target broker networks in the UAE, Hong Kong, China, Singapore, Switzerland, and Europe that provide shadow services to Iranian vessels, and suspend licenses allowing remittances to Iran. Bessent warned that entities laundering money for Iran would be cut off from the dollar system, and each country has a clear timetable to halt activities. When asked about Chinese banks, he stated no entity is exempt, though the Trump administration has so far avoided targeting them due to fragile US-China trade truce.