The US Treasury said on Wednesday that its Financial Crimes Enforcement Network had convened a meeting of global financial institutions to advance Operation Economic Outcast for isolating Tehran by limiting its ability to fund the war.“The event armed financial institutions with the information they need to shut down revenue streams and procurement networks tied to the Iranian regime,” the US Treasury said.&nbsp;It further said in the statement that the event was organised to share information about the facilitators that provide Iran with access to banking relationships.&nbsp;Also Read: <a href="https://www.wionews.com/world/fed-raises-rates-for-first-time-in-3-years-kevin-warsh-defies-trump-as-inflation-mounts-1789583250156">Fed raises rates for first time in 3 years, Kevin Warsh defies Trump as inflation mounts</a>&nbsp;“Treasury continues to sever every economic lifeline Tehran has left,” Treasury Secretary Scott Bessent said in a statement.&nbsp;“Financial institutions are in lockstep with the US government in support of Operation Economic Outcast, and we will continue to work closely with the private sector in the fight against the murderous Iranian regime.”After the meeting, the US said soon “there will be no space for the Iranian regime to rebuild its capacity to inflict terror against America and the world.”&nbsp;<h2>World would plunge into energy crisis if US leaves: JD Vance&nbsp;</h2>&nbsp;Vice President JD Vance said the world would be plunged into an energy crisis if the US decides to end its involvement with the war in Iran and leave the region.&nbsp;Also Read: <a href="https://www.wionews.com/india-news/there-s-no-pak-china-boundary-india-rejects-so-called-boundary-joint-commission-tells-islamabad-to-stop-theatrics-1789573593070">‘There’s no Pak-China boundary’: India rejects ‘so-called’ boundary joint commission, tells Islamabad to stop ‘theatrics’</a>&nbsp;“What I would say to anybody who’s frustrated right now is the alternative here, which is the United States effectively says to the Middle East, ‘You’re on your own,’ would mean necessarily a worldwide energy crisis, so long as the Iranians keep on shooting at shipping, which we know that’s exactly what they would do,” Vance said on Wednesday morning.“I think the president is taking the responsible course of action,” Vance said. “He’s protecting America’s assets in the region while also ensuring that world energy markets continue to get a supply of oil and natural gas.”

The event was organised to share information about the facilitators that provide Iran with access to banking relationships. After the meeting, the US said soon “there will be no space for the Iranian regime to rebuild its capacity to inflict terror against America and the world.”

The US Treasury said on Wednesday that its Financial Crimes Enforcement Network had convened a meeting of global financial institutions to advance Operation Economic Outcast for isolating Tehran by limiting its ability to fund the war. “The event armed financial institutions with the information they need to shut down revenue streams and procurement networks tied to the Iranian regime,” the US Treasury said. It further said in the statement that the event was organised to share information about the facilitators that provide Iran with access to banking relationships. Also Read: Fed raises rates for first time in 3 years, Kevin Warsh defies Trump as inflation mounts “Treasury continues to sever every economic lifeline Tehran has left,” Treasury Secretary Scott Bessent said in a statement. “Financial institutions are in lockstep with the US government in support of Operation Economic Outcast, and we will continue to work closely with the private sector in the fight against the murderous Iranian regime.” After the meeting, the US said soon “there will be no space for the Iranian regime to rebuild its capacity to inflict terror against America and the world.” World would plunge into energy crisis if US leaves: JD Vance Vice President JD Vance said the world would be plunged into an energy crisis if the US decides to end its involvement with the war in Iran and leave the region. Also Read: ‘There’s no Pak-China boundary’: India rejects ‘so-called’ boundary joint commission, tells Islamabad to stop ‘theatrics’ “What I would say to anybody who’s frustrated right now is the alternative here, which is the United States effectively says to the Middle East, ‘You’re on your own,’ would mean necessarily a worldwide energy crisis, so long as the Iranians keep on shooting at shipping, which we know that’s exactly what they would do,” Vance said on Wednesday morning. “I think the president is taking the responsible course of action,” Vance said. “He’s protecting America’s assets in the region while also ensuring that world energy markets continue to get a supply of oil and natural gas.”

The event was organised to share information about the facilitators that provide Iran with access to banking relationships. After the meeting, the US said soon “there will be no space for the Iranian regime to rebuild its capacity to inflict terror against America and the world.”

US Treasury rallies global financial institutions for Op Economic Outcast to isolate Iran

US Treasury Secretary Scott Bessent on Thursday (September 3) stated that the European Union has "officially joined" the US-led "Operation Economic Outcast" against Iran, throwing its weight behind Donald Trump's strong campaign. Welcoming the move, Bessent described it as the bloc's strong and early stance in continuing economic pressure on Tehran as the West Asia conflict continues. "The European Union has officially joined Operation Economic Outcast and we appreciate their strong and early stance," Bessent said in a statement on social media platform X. "The United States stands firm with our allies in ensuring the murderous Iranian regime cannot exploit the global financial system to fund its nuclear ambitions, weapons programs, and terror proxies. The world is sending a clear message to the Iranian regime: We will not stop until every remaining financial lifeline has been severed," he added.

<blockquote class="twitter-tweet">The European Union has officially joined Operation Economic Outcast and we appreciate their strong and early stance. The United States stands firm with our allies in ensuring the murderous Iranian regime cannot exploit the global financial system to fund its nuclear ambitions,…&mdash; Treasury Secretary Scott Bessent (@SecScottBessent) <a href="https://x.com/SecScottBessent/status/2095654604943815139?ref_src=twsrc%5Etfw">September 3, 2026</a></blockquote> <script async src="https://platform.x.com/widgets.js" charset="utf-8"></script>

Bessent's comments followed the EU's announcement that it was ready to back further economic pressure on Iran, including support for the US-led operation, while emphasising the importance of sustained diplomatic engagement and efforts toward de-escalation. "The European Union has consistently urged Iran to curb its nuclear programme, and its ballistic missile programme, refrain from destabilising activities in the region and in Europe, stop its military support for Russia's war of aggression against Ukraine and cease the violence and repression against its own people," the EU said in a statement shared by Bessent.&nbsp;Also read:<a href="https://www.wionews.com/world/this-is-great-trump-hails-syria-s-push-for-alternative-to-strait-of-hormuz-amid-us-iran-war-1788487903144"> 'This is great': Trump hails Syria's push for alternative to Strait of Hormuz amid US-Iran war</a><h3>Freedom of navigation</h3>The bloc stated that it views continued diplomatic efforts as essential to reach a peace settlement, restoring stability in the region and ensure complete freedom of navigation along with safe passage through the Strait of Hormuz. Additionally, the EU noted that it had already implemented extensive sanctions designed to avoid Iran from exploiting the global economy and financial system to sustain what it characterised as hostile conduct and to safeguard international security. "It remains ready to take further measures, where necessary, to safeguard its security and interests, including freedom of navigation through the Strait of Hormuz," the EU said. The bloc welcomed efforts aimed at ensuring Iran ceases its destabilising activities and engages in peace negotiations "with good faith", adding that this could include additional economic pressure through Operation Economic Outcast.

US Treasury Secretary Scott Bessent's comments followed the EU's announcement that it was ready to back further economic pressure on Iran, including support for the US-led operation, while emphasising the importance of sustained diplomatic engagement and efforts toward de-escalation.

US Treasury Secretary Scott Bessent on Thursday (September 3) stated that the European Union has "officially joined" the US-led "Operation Economic Outcast" against Iran, throwing its weight behind Donald Trump's strong campaign. Welcoming the move, Bessent described it as the bloc's strong and early stance in continuing economic pressure on Tehran as the West Asia conflict continues. "The European Union has officially joined Operation Economic Outcast and we appreciate their strong and early stance," Bessent said in a statement on social media platform X. "The United States stands firm with our allies in ensuring the murderous Iranian regime cannot exploit the global financial system to fund its nuclear ambitions, weapons programs, and terror proxies. The world is sending a clear message to the Iranian regime: We will not stop until every remaining financial lifeline has been severed," he added.

US Treasury Secretary Scott Bessent's comments followed the EU's announcement that it was ready to back further economic pressure on Iran, including support for the US-led operation, while emphasising the importance of sustained diplomatic engagement and efforts toward de-escalation.

EU officially joins US-led 'Operation Economic Outcast' against Iran, says Treasury Secretary Scott Bessent

The Trump administration rolled out a wave of sanctions against Iran, and has given this new stage of warfare a name: Operation Economic Outcast. But the warnings are not limited to Iran alone. It encompasses countries across the world, as Washington threatens secondary sanctions against anyone having economic ties to Iran. The question this raises is whether America's blanket threat paves the way for a global sanctions war, and if at all Iran can even be outcast.&nbsp;The US Treasury has sanctioned 60 individuals, entities, and vessels. The list encompasses 5 key sectors: digital assets, technology, gold, aviation, and shipping. Bessent has also threatened to remove entities from the US dollar system if money is moved on behalf of Iran. But the Treasury Secretary's warning has no timeline for threatened penalties against world economies or global organisations. The sanctions notification also stopped short of targeting Chinese financial institutions suspected of facilitating Iran's oil trade. China is the biggest buyer of Iranian oil and serves as a crucial link to the global economy for Tehran. According to the US, Beijing accounts for 90 percent of Tehran's oil exports. Other key trade partners include UAE, Turkiye, Iraq and even India. China has previously warned the US that economic pressure does not resolve disputes. While Scott Bessent mentioned that the US President is quote "making phone calls to world leaders with specific requests to cease their interactions with Iran," he did not clarify if China's President Xi Jinping will also be on the list to receive a call from Trump.&nbsp;Also read: <a href="https://www.wionews.com/world/economic-d-day-us-prepares-intense-iran-sanctions-as-tehran-warns-of-oil-export-blockade-race-the-power-1787584787784">Economic D-Day: US prepares intense Iran sanctions as Tehran warns of oil export blockade | Race To Power</a>&nbsp;Iran, on its part, continues to dismiss and even mock American sanctions. Tehran has a history of being on the receiving end of Washington's sanctions since 1979. But this time, Iran is leveraging something it has not done before: the geographical and strategic advantage that Iran has over a crucial chokepoint, which we have been hearing and talking about for months: the Strait of Hormuz.&nbsp;Despite America's big announcements to warn Iran and pressure the country to accept Trump's terms, Washington is aware of Tehran's advantages. And because of these advantages, reports say that the US has nudged Pakistan, through its Army Chief Asim Munir, to bring Iran back to the negotiation table. Munir is already in Iran for talks.&nbsp;Iran has been doing two things meanwhile. The country's leadership is buying time until midterm elections in the US, and simultaneously, also negotiating an arrangement with Oman to manage the movement of vessels via the Strait of Hormuz.&nbsp;And so these developments bring back the question: does Trump truly have the leverage he needs to pressurise Iran's leadership, or will the force of this strike be blunted with a new age global sanction war?

The Trump administration has launched 'Operation Economic Outcast,' hitting Iran with fresh sanctions and warning global economies against trading with Tehran.

The Trump administration rolled out a wave of sanctions against Iran, and has given this new stage of warfare a name: Operation Economic Outcast. But the warnings are not limited to Iran alone. It encompasses countries across the world, as Washington threatens secondary sanctions against anyone having economic ties to Iran. The question this raises is whether America's blanket threat paves the way for a global sanctions war, and if at all Iran can even be outcast. The US Treasury has sanctioned 60 individuals, entities, and vessels. The list encompasses 5 key sectors: digital assets, technology, gold, aviation, and shipping. Bessent has also threatened to remove entities from the US dollar system if money is moved on behalf of Iran. But the Treasury Secretary's warning has no timeline for threatened penalties against world economies or global organisations. The sanctions notification also stopped short of targeting Chinese financial institutions suspected of facilitating Iran's oil trade. China is the biggest buyer of Iranian oil and serves as a crucial link to the global economy for Tehran. According to the US, Beijing accounts for 90 percent of Tehran's oil exports. Other key trade partners include UAE, Turkiye, Iraq and even India. China has previously warned the US that economic pressure does not resolve disputes. While Scott Bessent mentioned that the US President is quote "making phone calls to world leaders with specific requests to cease their interactions with Iran," he did not clarify if China's President Xi Jinping will also be on the list to receive a call from Trump. Also read: Economic D-Day: US prepares intense Iran sanctions as Tehran warns of oil export blockade | Race To Power Iran, on its part, continues to dismiss and even mock American sanctions. Tehran has a history of being on the receiving end of Washington's sanctions since 1979. But this time, Iran is leveraging something it has not done before: the geographical and strategic advantage that Iran has over a crucial chokepoint, which we have been hearing and talking about for months: the Strait of Hormuz. Despite America's big announcements to warn Iran and pressure the country to accept Trump's terms, Washington is aware of Tehran's advantages. And because of these advantages, reports say that the US has nudged Pakistan, through its Army Chief Asim Munir, to bring Iran back to the negotiation table. Munir is already in Iran for talks. Iran has been doing two things meanwhile. The country's leadership is buying time until midterm elections in the US, and simultaneously, also negotiating an arrangement with Oman to manage the movement of vessels via the Strait of Hormuz. And so these developments bring back the question: does Trump truly have the leverage he needs to pressurise Iran's leadership, or will the force of this strike be blunted with a new age global sanction war?

The Trump administration has launched 'Operation Economic Outcast,' hitting Iran with fresh sanctions and warning global economies against trading with Tehran.

Operation Economic Outcast: Trump rolls out major sanctions against Iran, warns global allies | Race To Power

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US Treasury rallies global financial institutions for Op Economic Outcast to isolate Iran

EU officially joins US-led 'Operation Economic Outcast' against Iran: Bessent

Trump rolls out major sanctions against Iran, warns global allies