US sanctions target Iran's economy in new pressure campaign

The U.S. Treasury announced new sanctions against Iran on Monday, aiming to cripple the regime's war machine through what Treasury Secretary Scott Bessent called "economic asphyxiation." The initiative, named "Operation Economic Outcast," targets Iran's use of digital assets, technology, gold, aviation, and shipping, and expands secondary sanctions risks for foreign actors doing business with Tehran. The Treasury plans to issue penalties in waves, with an initial list of countries targeted immediately, while others will get time to cut ties. Bessent said the U.S. has mapped Iran's oil-smuggling and sanctions-evasion network to maximize effectiveness. In an op-ed, he argued the economic pressure would collapse Iran's financial system, as President Donald Trump seeks to end the war through economic means rather than military action.