US Sanctions Iran's Remaining Airlines Under New Economic Campaign

Business Operation Economic Outcast, launched by U.S. Treasury Secretary Scott Bessent on August 24, 2026, represents a sustained, whole-of-government economic campaign designed to sever the Iranian regime's financial lifelines through secondary sanctions, targeted asset freezes, and diplomatic pressure on… Operation Economic Outcast, launched by U.S. Treasury Secretary Scott Bessent on August 24, 2026, represents a sustained, whole-of-government economic campaign designed to sever the Iranian regime's financial lifelines through secondary sanctions, targeted asset freezes, and diplomatic pressure on international trading partners. Under the authorities of Operation Economic Outcast, the U.S. State Department and the Treasury Department's Office of Foreign Assets Control (OFAC) have expanded the scope of Iran-related conduct subject to secondary sanctions. These measures reach operations across five newly targeted sectors of Iran's economy. Authorities suspended several general licenses while issuing a related wind-down license, and added numerous entities, individuals, and vessels across multiple jurisdictions to the Specially Designated Nationals (SDN) list. These additions cite alleged support for the Iranian regime, spanning illicit nuclear and missile technology procurement, cyber operations, oil-revenue generation networks, and military activities. Targeting International Financial Institutions Secretary Bessent stated during the campaign's rollout that teams from the Treasury, State Department, and the U.S. military are meeting with global counterparts to demand action, noting that every country has a defined timeline to shut down identified activities, such as shuttering every Bank Melli branch. While no financial institutions were sanctioned with immediate effect on August 24, Treasury's Financial Crimes Enforcement Network (FinCEN) issued a notice of proposed rulemaking (NPRM) on August 28, 2026. This notice seeks to revoke U.S. correspondent banking access for five United Arab Emirates-based branches of the Egyptian financial institution Banque Misr, with public comments due by October 1, 2026. On August 28, OFAC also sanctioned Reza Mohammad Taeedi, the general manager of Bank Melli's Dub Strait of Hormuz Guidance and Enforcement Outlook In tandem with banking and sectoral restrictions, OFAC and the State Department released updated guidance on August 24, 2026, warning of the sanctions risks associated with cooperating with Iranian demands related to shipping in the Strait of Hormuz. Secretary Bessent emphasized the aggressive enforcement trajectory of the initiative in subsequent media remarks, indicating that another bank will be targeted. From Instagram — related to sanctions iran remaining airlines, Operation Economic Outcast Iran BREAKING: Bessent announces new Iranian sanctions in 'Operation Economic Outcast' Business Business Business Business Business