U.S. launches Iran sanctions campaign targeting third-party trade, including digital assets

The Trump administration on Aug. 24 announced a new Iran sanctions package that includes penalties for third parties doing business with Iran in digital assets, technology, gold, aviation and shipping. At a press conference the same day, U.S. Treasury Secretary Scott Bessent said the administration was launching "Operation Economic Outcast" to block every option available to the Iranian regime. A central part of the package is the imposition of secondary sanctions on third parties that have traded with Iran in those sectors. The U.S. also newly designated more than 60 entities, individuals and vessels worldwide for helping the Iranian regime obtain nuclear and missile technology, conduct cyber operations and generate oil revenue.