US launches 'economic outcast' operation against Iran, targets financial lifelines

The United States has initiated an unprecedented "Operation Economic Outcast" against Iran, aiming to sever all financial lifelines and push the nation into "economic suffocation." U.S. Treasury Secretary Steven Mnuchin announced the broad economic pressure campaign, which targets five key sectors including digital assets, technology, gold, aviation, and shipping, along with approximately 60 entities and individuals worldwide.

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Today, at President Donald Trump’s direction, we are launching an unprecedented economic outcast operation against the Islamic Republic of Iran and its supporters.

Mnuchin stated that the Treasury has identified all networks used by Iran to evade sanctions and generate revenue, vowing to cut off every economic artery supporting the Iranian regime. While the U.S. has not yet designated major Chinese banks or companies as specific targets, Mnuchin warned that "no one is immune" from U.S. sanctions and that "we don't have unlimited patience." The U.S. plans to sanction a major financial institution dealing with Iran within the week and has indicated President Trump is personally contacting world leaders to halt specific transactions.

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We have identified all the hubs, intermediaries, and networks that Iran has used to smuggle oil and evade sanctions. We will cut off every economic lifeline that supports the Iranian regime until Iran is left alone.

The Iranian currency, the rial, hit a historic low against the dollar, trading at 20.2 million rials to the dollar in the unofficial market. This economic pressure comes as Iran faces significant economic hardship, with the IMF projecting a GDP contraction of over 5%. Prices for essential goods like rice and beef have surged dramatically since the conflict began, exacerbated by potential maritime blockades.

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No one is immune from U.S. sanctions.

Iran has strongly condemned the U.S. actions, with the Foreign Ministry spokesperson warning that "any act that worsens the situation will have a price." A member of Iran's Supreme National Security Council characterized participation in the new U.S. sanctions as an act of "war." The Governor of Iran's Central Bank, however, asserted that the U.S. has already exhausted its sanctions capabilities and that the new measures would not bring significant new pressure, claiming sufficient foreign currency reserves for essential imports.

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Any act that worsens the situation will have a price, and our hands are not tied.