Μake us preferred on Google WASHINGTON—Treasury Secretary Scott Bessent said the U.S. is launching a new campaign to isolate the Iranian regime, warning that countries and companies that do business with Tehran will face the wrath of the Trump administration.
“Let there be no ambiguity as to the position of the United States: An economic engagement of any kind with this murderous regime will expose those responsible to the full reach of American power,” Bessent said Monday during a press conference at the Treasury Department.
Bessent said the U.S. was sanctioning more than 60 entities, individuals and vessels across the world that enable the regime to procure nuclear and missile technology, earn revenue from oil and carry out cyber operations.
A man shops at a local market in Tehran, Iran, August 23, 2026. Majid Asgaripour/WANA (West Asia News Agency) via REUTERS
As part of the effort, which he called “Operation Economic Outcast,” Bessent said his department has “mapped every node, every facilitator and every network that Iran has used to smuggle oil and evade sanctions.”
President Trump, he said, is making phone calls to world leaders to request they stop doing business with Iran. Bessent demanded that all branches of Bank Melli Iran, the state-owned Iranian bank, be shuttered.
The announcement comes as the U.S. has struggled to bring the war with Iran to an end. The U.S. and Iran have so far failed to reach an agreement to fully reopen the Strait of Hormuz and force Tehran to curb its nuclear ambitions.
In recent weeks, the U.S. has shifted focus from its military operation to a campaign against Iran’s economy. Trump has described the new sanctions as “economic D-Day” for Iran.
Notably, Bessent didn’t mention China, the regime’s top trading partner, in his opening remarks about countries being targeted by the Treasury Department.
“We want to make clear here today that no one is above the reach of the U.S. sanctions,” Bessent said when asked whether the U.S. would sanction Chinese banks that do business with Iran.
Trump has made improved relations between the U.S. and China a priority. Trump in May visited Xi in Beijing, and the Chinese leader is expected in Washington next month for a follow-up summit.
