The Trump administration has announced a sweeping new sanctions campaign against Iran, dubbed "Operation Economic Outcast," aimed at punishing any country or entity that continues to trade with Tehran. Treasury Secretary Scott Bessent unveiled the measures on Monday, describing them as the toughest sanctions in history and intended to sever Iran's remaining economic ties with the world, effectively replacing military strikes as the administration's primary pressure tactic nearly six months into the conflict. The move is designed to isolate Iran's government and force it back to the negotiating table after peace talks stalled.

The new sanctions target Iran's digital assets, technology, gold, aviation and shipping sectors, and Bessent explicitly warned China, a major buyer of Iranian oil, that no nation is exempt from US enforcement. Following the announcement, Iran's currency, the rial, collapsed to a record low, with one US dollar now buying more than 1.3 million rials, compounding inflation that has worsened since the war began. President Trump said Iran's economy and military were in a "death spiral," as the conflict approaches its six-month mark on 28 August.