The US Treasury launched Operation Economic Outcast on August 24, 2026, a sanctions campaign aimed at isolating Iran by dismantling the financial networks that carry its oil and military revenue. Over 60 entities, individuals, and vessels have been designated since the operation began, including the BitBank crypto platform, accused of transferring Bitcoin to the Islamic Revolutionary Guard Corps. On October 15, 2026, Treasury sanctioned the International Development Bank for Investment and Finance in Iraq along with several Iranian offshore banks operating in free trade zones. This systemic campaign, called an ‘economic D-Day’ by Treasury Secretary Scott Bessent, relies on Executive Order 13902 to target aviation, shipping, and digital assets. Potential consequences include increased volatility in oil markets and secondary sanctions risk for banks operating within Iran’s economic orbit.
Source: Read the original article
