US and EU Unite to Cut Off Iran’s Financial Lifelines
What Happened
US Treasury Secretary Scott Bessent said the European Union has officially joined "Operation Economic Outcast," a US-led campaign aimed at cutting off Iran’s access to the global financial system. Bessent welcomed the EU’s support, saying the move would help target Iran’s remaining financial lifelines linked to its nuclear program, weapons development, and regional proxies.
Key Takeaways
The move signals growing Western coordination against Iran, with the EU backing additional economic pressure while also emphasizing diplomacy, regional stability, and secure navigation through the Strait of Hormuz. The campaign expands existing sanctions targeting Iranian oil revenues, shipping, technology access, and financial networks.