Remarks from Secretary of the Treasury Scott Bessent on Operation Economic Outcast against Iran

Good afternoon. Today, at President Trump’s direction, the United States Treasury has begun Operation Economic Outcast – an unprecedented campaign against the Islamic Republic of Iran and its enablers. In the Second World War, D-Day marked the historic beginning of a campaign with our allies to target and drive the enemy from its positions, including those in third countries. Today, in that same spirit, we are launching an economic onslaught against Iran’s financial connections around the globe. Our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone. Iran’s fanatics devote themselves to “Death to America” and seek nuclear weapons to do just that. They have murdered and maimed more of our citizens and service members than any other terrorist regime on Earth. And they have been at war against America, their neighbors in the Gulf, and much of the world for 47 years. President Trump has taken action that his predecessors have long deferred. And under his leadership, America is no longer managing the Iranian threat. We are ending it. Our great armed forces have laid the groundwork for achieving the President’s objective of preventing Iran from ever obtaining nuclear weapons. They have shown America’s resolve to finally end this threat. And the strength of America’s economy under President Trump allows us to wage this sustained financial operation alongside the might of our military. 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. Today, we are launching Operation Economic Outcast to foreclose every other option available to the Iranian regime. Treasury has mapped every node, every facilitator, and every network that Iran has used to smuggle oil and evade sanctions. Beginning today, the actions of Treasury and other agencies will tighten the noose and block every potential source of revenue that funds the IRGC and the Iranian regime. We are enforcing a zero-leakage approach. There will be no minimal breathing space for the regime to rebuild its capacity to inflict terror against America and the world. The final refuge of this regime is in the mistaken conclusion of nations that still finance the Iranian threat in the hopes of evading it. It is no longer acceptable to operate in the gray spaces of this conflict. Countries cannot claim that they are blind to enabling this activity. Iran’s enablers purchase and transport its petroleum. They facilitate the flow of its finances through exchange houses and free trade zones. They welcome Iran’s flights and maintain registries on its behalf. They turn a blind eye to seaborne fuel transfers and to overland transits. And they condone the illicit use of their banks, all while concealing the extent of their complicity. The President is making phone calls to world leaders with specific requests to cease their interactions with the regime. We are already seeing results. Over the weekend, comments from Iranian leadership clearly acknowledge the effect of this campaign. And nations that facilitate any interactions with the regime should quickly heed our message. Those who stand with the United States will reap the rewards of our partnership. Those who tether themselves to Tehran should expect to share in the isolation of a withering regime. Teams from the Treasury, State Department, and the U.S. military are now meeting with their global counterparts to tell them that the United States expects action. Every country has a defined timeline to shut down activities we have identified. If they do not take action, we will do so unilaterally through Treasury authorities. For example, every Bank Melli branch must be shuttered. And let me be clear: any entity that facilitates money laundering on behalf of Iran will be removed from the U.S. dollar system. The clock is ticking. The new sectoral sanctions determinations issued today target five of Iran’s most vital lifelines that it exploits in other countries: digital assets, technology, gold, aviation, and shipping. These measures broaden secondary sanctions risk for anyone foolish enough to continue conducting business with this regime—and accelerate the speed with which we pursue them. As I speak, Treasury’s Office of Foreign Assets Control is also sanctioning over 60 entities, individuals, and vessels across the world that enable the Iranian regime to procure illicit nuclear and missile technology, conduct cyber operations, and generate oil revenue. This is a sustained campaign to collapse every last option for Iran. Let there be no ambiguity as to the position of the United States: An economic engagement of any kind with this murderous regime will expose those responsible to the full reach of American power. For decades, this regime has drawn strength from a calculus that regards Iranian retaliation as certain and American enforcement as negotiable. Under President Trump, that era is over. To the ordinary soldiers supporting this regime: as more and more of your paychecks stop or are supposedly “just delayed,” ask whether your commanders are leading your country to triumph or to ruin. And recall that the Berlin Wall fell when ordinary soldiers decided not to shoot. And to those who enable Tehran: Do not discount the cost of testing Washington. No nation should expect to enjoy the rewards of our system while helping those who seek to destroy it. It is now time for world leaders to make a decision. Between prosperity and isolation. Peace and terror. America and Iran. The campaign we begin today will gather force with every day that follows. And it will not end until this regime stands alone.