Department of the Treasury Announces Further Sanctions on Iran

On August 24, 2026, President Donald Trump and the Department of the Treasury announced implementation of “Operation Economic Outcast,” marking further efforts remove the Islamic Republic of Iran “and its enablers” from all available financial resources supporting the Iranian regime.

According to a press release, the Treasury Department “has mapped the networks, facilitators, and financial channels that Iran uses to smuggle oil, evade sanctions, and fund terror. Working with our partners across the U.S. government, Treasury will be uncompromising in targeting any source of the regime’s illicit revenue.”  The press release notes that “the Departments of Treasury, State, and War are engaging counterparts around the world to make clear that the United States expects immediate action. Every country will be given a defined timeline to shut down the Iran-related activity we have identified. If they fail to act, Treasury will act.”

In undertaking these efforts to further isolate Iran, the Treasury Department has taken the following immediate actions:

• OFAC has issued updated guidance on the sanctions risks Iranian demands related to shipping in the Strait of Hormuz.