U.S. Government Announces Operation Economic Outcast Targeting Iran

On August 24, 2026, the U.S. government announced “Operation Economic Outcast,” initiating a “whole-of-government campaign” centered on additional economic sanctions against Iran.

Acting at the direction of President Trump, the U.S. Department of the Treasury, Office of Foreign Assets Control (OFAC): (i) issued five new sectoral sanctions determinations under Executive Order (E.O.) 13902 targeting Iran’s digital assets, technology, gold, aviation, and shipping sectors; (ii) issued new guidance on the sanctions risks associated with Iranian demands related to shipping in the Strait of Hormuz; (iii) suspended several general licenses (GLs) that previously had authorized certain remittance payments and cultural and academic exchanges with Iran; and (iv) designated nearly 60 entities, individuals, and vessels across multiple jurisdictions on the list of Specially Designated Nationals and Blocked Persons (SDN List). The Treasury Department’s announcement also warned of consequences for third countries that continue to do business with Iran, stating that the U.S. government has engaged counterparts in foreign governments to provide timelines for terminating existing business with Iran or face punitive measures from the U.S. government.

Continue reading on the Cleary Foreign Investment and International Trade Watch blog.