US Expands Economic Outcast Campaign, Rubio Demands Immediate Global Cutoff of Trade With Iran

According to Khabaronline and Donya-e-Eqtesad, citing Axios, US Secretary of State Marco Rubio ordered all US embassies worldwide earlier this week to deliver a formal diplomatic cable on the so called "Operation Economic Outcast" to host governments at the highest possible level. Under the order, embassies were directed to ask host governments to immediately and systematically cut trade with Iran and identify Iran's illicit trade activity, warning that countries, companies and individuals that keep trading with Iran risk sanctions and losing access to the US dollar system. A special message was also sent to US missions in Abu Dhabi, Muscat, Hong Kong, Doha, London, Berlin and several Central Asian capitals, asking them to press for the closure of Bank Melli and Bank Saderat branches said to be linked to the Islamic Revolutionary Guard Corps.

Separately, Axios reported, citing two sources familiar with the matter, that White House envoy Steve Witkoff met Sheikh Tahnoun bin Zayed Al Nahyan, the UAE's national security adviser, in Sardinia last weekend to discuss next steps on Iran. Days before the US Treasury's sanctions were formally announced, the UAE said it was halting all trade and financial transactions with Iran, a significant move given that two way trade between the countries reached 28 billion dollars in 2024. The US Treasury simultaneously moved to cut the UAE branches of Egypt's Banque Misr off from the US financial system, and the UAE central bank has placed the bank's transactions with Iran under urgent review.