The United States launched Operation Economic Outcast on August 24, 2026, a weekly sanctions campaign aimed at isolating Iran from the global financial system. Treasury Secretary Scott Bessent is overseeing this initiative, which has already targeted nearly 60 entities and vessels in just one week. On August 28, FinCEN proposed revoking US correspondent banking access for Banque Misr’s UAE branches, accused of processing approximately $1.8 billion in questionable transactions between January 2024 and June 2026. Iranian banks Bank Melli and Shahr Bank are also targets, as is airline Mahan Air which has been under US sanctions since 2011. China, one of Iran’s largest oil customers, remains under scrutiny as Washington maintains dialogue with Beijing to manage friction arising from these secondary sanctions.
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