Treasury’s “Operation Economic Outcast,” announced Monday, Aug. 24, puts China and other Iranian trading partners at risk of U.S. penalties—but sets no deadline.
Treasury Secretary Scott Bessent announced sanctions against nearly 60 entities, individuals and vessels tied to Iran. The administration also expanded the parts of Iran’s economy that can trigger sanctions to include digital assets, technology, gold, aviation and shipping. Bessent called the campaign an “economic onslaught against Iran’s financial connections around the globe.” But he gave no timeline for secondary sanctions—U.S. penalties on foreign companies or countries that trade with a sanctioned target—saying Washington would try “quiet diplomacy” first.