Washington, Aug 2026 : The United States has given foreign governments and companies specific deadlines to wind down activities linked to Iran, Treasury Secretary Scott Bessent said on Monday, warning that entities continuing to do business with Tehran could face sanctions and potentially lose access to the American financial system.
Bessent announced the measures as part of what he called “Operation Economic Outcast”, a sustained US campaign aimed at isolating Iran economically and disrupting its financial connections around the world.
According to Bessent, President Donald Trump has begun contacting foreign leaders directly to communicate Washington’s demands for an end to dealings with the Iranian government. Officials from the Treasury, State and War departments are also engaging with their counterparts in different countries to follow up on the administration’s concerns.
“Every country has a defined timeline to shut down activities we have identified,” Bessent said, adding that Washington would act unilaterally through Treasury authorities if governments failed to comply.
The Treasury secretary did not identify the countries that had been approached or disclose the specific deadlines given to them. However, he stressed that the administration would not allow the process to continue indefinitely.
“We do not have infinite patience here,” Bessent said.
He explained that Washington was initially relying on diplomatic engagement to make its expectations clear and provide governments and businesses with an opportunity to discontinue activities that could trigger sanctions. However, he warned that the period for compliance would be limited.
“We believe that it is important to level set and give people a cure period, but they should know that that will move very quickly and that we are serious,” he said.
The US warning extends to banks, shipping companies and other businesses accused of helping Iran sell oil, transfer funds or circumvent existing sanctions. Bessent said institutions involved in facilitating money laundering for Iran could ultimately be excluded from the US dollar-based financial system.
The Treasury Department has also expanded the potential reach of secondary sanctions to five additional sectors of Iran’s economy: digital assets, technology, gold, aviation and shipping.
In addition, the department imposed sanctions on nearly 60 entities, individuals and vessels that Washington accused of supporting Iran’s nuclear and missile procurement networks, cyber activities and oil revenue generation.
Bessent said the United States was aware of foreign financial institutions and businesses helping Iran convert oil into revenue. However, he indicated that Washington would initially use private diplomatic channels to encourage them to stop the activities before publicly imposing penalties.
He warned that governments and companies could not expect to benefit from the US financial system while supporting activities Washington considers hostile to American interests.
“No nation should expect to enjoy the rewards of our system while helping those who seek to destroy it,” Bessent said.
He framed the administration’s policy as a broader strategic choice for countries maintaining relations with Tehran, saying they would have to choose between economic cooperation with Washington and continued engagement with Iran.
Bessent also made clear that Monday’s actions represented only the beginning of a wider sanctions campaign. He said additional measures were expected regularly and indicated that a financial institution could be targeted before the end of the week.
“You will see a wave of sanctions when you leave this meeting today, and you should expect that cadence to continue,” he said.
The Treasury secretary defended the decision to provide countries and companies with time to comply rather than immediately sanctioning every foreign entity identified by Washington.
He described secondary sanctions as a powerful instrument and said the administration believed issuing an initial warning and establishing clear expectations was an appropriate first step.
The latest measures signal a potentially broader US effort to pressure Iran by targeting not only its domestic economy but also the international financial, shipping and commercial networks that enable Tehran to generate revenue and conduct cross-border transactions.
