Treasury rolls out sweeping sanctions to cut off Iran's trade partners

Treasury Secretary Scott Bessent unveiled “Operation Economic Outcast,” a sweeping sanctions initiative that targets not the Iranian regime itself but the foreign firms and financial institutions that keep its trade flowing. The plan zeroes in on China’s oil purchases, Turkey’s natural-gas imports, and other partners such as the United Arab Emirates, Iraq and the European Union, demanding they cease transactions or risk U.S. secondary sanctions.

Allies including the United Kingdom, Japan and Bahrain have already expressed backing, whereas the Chinese Communist Party has dismissed the move as illegitimate. The Treasury will begin enforcement this month, with the G20 summit in Miami serving as a diplomatic focal point. Critics note that the success of the strategy hinges on whether major economies, especially China, will comply, while the Treasury hopes the pressure will further weaken Iran’s oil revenues, which have fallen dramatically since the conflict began.