US Treasury Launches 'Operation Economic Outcast', Sanctions Nearly 60 Entities and Vessels While Sparing Major Chinese Banks

The US Treasury Department detailed its 'economic D-Day' campaign on Monday, Shahrivar 2, 1405 (August 24, 2026), with Secretary Scott Bessent formally launching what officials called 'Operation Economic Outcast' against Iran. According to Oilprice.com, the first round targeted nearly 60 individuals, entities and vessels across Iran's digital asset, technology, gold, aviation and shipping sectors, adding to existing sanctions on Iran's financial, petroleum and petrochemical industries. The report said the Treasury's Office of Foreign Assets Control (OFAC) designated brokers and 'shadow fleet' vessels operating in the UAE, Hong Kong, China, Singapore, Switzerland and Europe that Treasury said channel Iranian oil revenue to the IRGC Quds Force. Washington stopped short, however, of sanctioning the larger Chinese banks that facilitate purchases of Iranian crude, of which China buys more than 80 percent of Iran's seaborne exports. Citing Reuters data, the same report said China's Iranian crude imports fell to roughly 534,000 barrels per day in August, down from 823,000 barrels per day in July.