With direct military operations temporarily paused, the United States is shifting its confrontation with Iran to the economic front.
But the new campaign outlined Monday goes beyond traditional sanctions targeting oil and banks. It also targets shipping companies, intermediaries, digital assets and the channels Tehran uses to access money, technology and international markets.
Treasury Secretary Scott Bessent has dubbed the campaign “Operation Economic Outcast,” seeking to further isolate Iran financially and commercially.
The new measures reveal five key trends.
1. Preventing Iran from Financing the Rebuilding of Its Capabilities
Washington is now focusing on resources Iran could use to rebuild its military and missile capabilities and finance its regional networks.
An economic adviser at the Treasury Department told Alhurra that sanctions are no longer merely an adjunct to military pressure but a central part of the campaign itself.
After targeting Iranian military capabilities, the adviser said, Washington is seeking to reduce the resources that could help Tehran rebuild them.
2. Expanding Sanctions into New Sectors
The Treasury Department is acting under Executive Order 13902 against sectors that it says Iran uses to obtain hard currency, goods and technology or to evade sanctions.
The measures target gold and precious metals, digital assets, and cryptocurrencies, as well as technology and components that could be used in military or nuclear programs.
They also focus on airlines, transportation networks and maritime shipping, with a particular emphasis on vessels and companies linked to what Washington calls Iran’s “shadow fleet.”
The adviser said the goal is to reduce revenues while also closing the alternative channels Iran has developed over years of sanctions.
3. Companies and Intermediaries in the Crosshairs
The sanctions target about 60 individuals, entities and vessels across networks stretching from the United Arab Emirates, China and Singapore to Switzerland and other European countries.
Washington accuses these parties of helping sell oil, move money, finance the Islamic Revolutionary Guard Corps and its Quds Force, or evade sanctions.
The economic adviser said the focus has increasingly shifted toward entities that enable Iran to continue its foreign trade, rather than solely targeting Iranian entities themselves.
The Treasury Department refers to these entities as “enablers.”
4. Companies Face Tougher Calculations
In an article published in the Financial Times, Bessent invoked what is known as “Pascal’s wager” to explain the risks facing companies and countries that continue to do business with Iran.
The calculation is primarily commercial: What can a company gain from the Iranian market, and what could it lose if it jeopardizes its access to the U.S. financial system or the American market?
That calculation becomes increasingly important for banks and companies in the Middle East and Asia as the scope of secondary sanctions expands.
5. Economic Pressure and Deterrence Move Together
The financial campaign comes alongside U.S. warnings against any Iranian retaliation targeting American forces or Washington’s allies in the region.
The administration is seeking to increase pressure on Tehran without returning to a broader military confrontation, but mounting pressure could also increase the risk of an Iranian response.
The Treasury Department’s economic adviser said there is little doubt about the impact of sanctions on Iran’s economy. The more difficult question, the adviser added, is how Tehran will respond if its ability to withstand additional pressure is reduced.
For companies and countries that continue to do business with Iran, the U.S. message is clear: Maintaining those relationships will carry greater risks — whether in finance, trade, shipping or technology.
Adapted and translated from the original Arabic.
