US Treasury Secretary Scott Bessent launches Operation Economic Outcast

Good afternoon. Today, at President Trump's direction, the United States Treasury has begun Operation Economic Outcast, an unprecedented campaign against the Islamic Republic of Iran and its enablers. In the Second World War, D-Day marked the historic beginning of a campaign with our allies to target and drive the enemy from its positions, including those in third countries. Today, in that same spirit, we are launching an economic onslaught against Iran's financial connections around the globe. Around the globe. Our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone. Iran's fanatics devote themselves to death to America and seek nuclear weapons to do just that. They have murdered and maimed more of our citizens and service members than any other terrorist regime on Earth, and they have been at war against America, their neighbors in the Gulf, and much of the world for 47 years. President Trump has taken action that his predecessors have long deferred, and under his leadership, America is no longer managing the Iranian threat. We are ending it. Our great armed forces have laid the groundwork for achieving the president's objective of preventing Iran from ever obtaining nuclear weapons. They have shown America's resolve to finally end this threat. And the strength of America's economy under President Trump allows us to wage this sustained financial operation alongside the might of our military. Iran now faces a very clear choice with only two paths before them: complete global isolation and a substance economy, or a path back to normalcy with an opportunity to rejoin the global economy. Today we are launching Operation Economic Outcast to foreclose every other option available to the Iranian regime.

Treasury has mapped every node, every facilitator, and every network that Iran has used to smuggle oil and evade sanctions. Beginning today, the actions of Treasury and other agencies will tighten the noose and block every potential source of revenue that funds the IRGC and the evil Iranian regime. We are enforcing a zero leakage approach. There will be no minimal breathing space for the regime to rebuild its capacity to inflict terror against America and the world. The final refuge of this regime is the mistaken conclusion of nations that still finance the Iranian threat. In the hopes of a—it is no longer acceptable to operate in the gray spaces of this conflict. Countries cannot claim they are blind to enabling this activity. Iran's enablers purchase and transport its petroleum. They facilitate the flow of its finances through exchange houses and free trade zones. They welcome Iran's flights and maintain registries on its behalf. They turn a blind eye to seaborne fuel transfers and overland transits. They condone illicit use of their banks, all the while concealing the extent of their complicity. The president is making phone calls to world leaders with specific requests to cease their interactions with the regime. We are already seeing results. Over the weekend, comments from Iranian leadership clearly acknowledge the effect of this campaign, and nations that facilitate any interactions with the regime should quickly heed our message. Those who stand with the United States will reap the rewards of our partnership. Those who tether themselves to the Iranian regime should expect to share in the isolation of a withering regime.

Teams from Treasury, State, and the US military are now meeting with their global counterparts to tell them that the United States expects action. Every country has a defined timeline to shut down activities we have identified. If they do not take action, we will do so unilaterally through Treasury authorities. For example, every branch of Bank Melli must be shuttered and dark. And let me be clear, any entity that facilitates money laundering on behalf of Iran will be removed from the US dollar system. The clock just started ticking. The new sectoral sanctions determinations issued today target five of Iran's most vital lifelines that it exploits in other countries: digital assets, technology, gold, aviation, and shipping. These measures broaden secondary sanctions risk for anyone foolish enough to continue conducting business with this regime and will accelerate the speed with which we pursue them. As I speak, Treasury's Office of Foreign Assets Control is also sanctioning over 60 entities, individuals, and vessels around the world that enable the Iranian regime to procure illicit nuclear and missile technology, conduct cyber operations, and generate oil revenue.

This is a sustained campaign to collapse every last option for Iran. Let there be no ambiguity as to the position of the United States. An economic engagement of any kind with this murderous regime will expose those responsible to the full reach of American power. For decades, this regime has drawn strength from a calculus that regards Iranian retaliation as certain and American enforcement as negotiable. Under President Trump, that era is over. To the ordinary soldiers supporting this regime, as more and more of your paychecks stop or supposedly just delayed, ask whether your commanders are leading your country to triumph or to ruin. And recall that the Berlin Wall fell when ordinary soldiers decided not to shoot at their own people. And to those who enable Tehran, do not discount the cost of testing Washington's resolve. No nation should expect to enjoy the rewards of our system while helping those who seek to destroy it. It is now a time for world leaders to make a decision between prosperity and isolation, peace and terror, America and Iran. The campaign we begin today will gather force with every day that follows. And it will not end until this regime stands alone. With that, I welcome your questions. David from Reuters.

We want to make clear here today that no one is above the reach of US sanctions. That if they facilitate transactions and are part of the ecosystem that turns Iranian oil into money into repression, they will be targeted. We find that the best way to engage with countries is through quiet diplomacy, and we are level setting with every country to tell them our expectations. We know who they are. They know who they are. So when the hammer of US Treasury actions falls upon them, they will have no one to blame but themselves. Richard from CBS.

We're not going to name names, but we've already seen some results. And I am confident the president, as you all know, is quite persuasive. And we are following his calls up with visits and calls from the State Department and from the US Treasury telling the leaders, the countries, and the entities exactly what we expect and the timelines. And I would expect that very quickly if they do not respond, then you will see the ramifications of their actions.

Again, I'm not going to set timelines, but we do not have infinite patience here. Jennifer.

Well, why don't we work backwards? We issued the quarterly refunding announcement two and a half weeks ago. We are going to continue with our regular program of auctions. So you will be hearing from us again at the beginning of next quarter. In terms of, as I said, every country, every entity should know that they should be prepared to face US sanctions, and no one is above this. We are going to hold everyone accountable, and this is economic asphyxiation of this regime. And Jennifer, as I said, no one should test our resolve. Josh from New York Post.