The United States launched a new campaign against Iran, seeking to block all of its potential sources of revenue and telling nations to cut economic ties with Tehran.
Washington urges countries to cut economic ties with Tehran
Treasury Secretary Scott Bessent speaks at a news conference, Monday, Aug. 24, 2026, at the Treasury Department in Washington. (AP Photo/Julia Demaree Nikhinson)
-
Copyright © africanews
AP Photo
If countries fail to do so, Washington said they will face US retaliation. The operation is dubbed "Operation Economic Outcast" and aims to isolate the Iranian regime.
Scott Bessent, US Secretary of the Treasury, said, "every country, every entity should know that they should be prepared to face US sanctions. And no one is above this. We are going to hold everyone accountable, and this is economic asphyxiation of this regime."
"Iran now faces a very clear choice with only two paths before them: complete global isolation and a subsistence economy or a path back to normalcy with an opportunity to rejoin the global economy,'' he added.
Bessent's warning comes around six months after US and Israeli strikes on Iran marked the beginning of the war in the region. In recent months, the conflict has largely ground to a stalemate, with negotiations stalling and tensions growing over the Strait of Hormuz.