US Treasury Secretary Scott Bessent has unveiled a sweeping new sanctions campaign against Iran dubbed "Operation Economic Outcast" — but stopped short of imposing immediate penalties, describing the announcement as a "warning shot" to countries still doing business with Tehran.
Iran's currency hit a record low on Monday as the new measures were announced, while Iran's Supreme National Security Council secretary warned that no oil would leave the Persian Gulf if the campaign is broadened.
The sanctions target a network of brokers, companies and shadow-fleet vessels across several countries that transport Iranian oil and channel revenue to Iran's Revolutionary Guard.
Nick Harper reports from Washington.
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Nick Harper, our reporter in Washington, says the key question is whether countries that buy Iranian oil — including China, India and Turkey — will be willing to cooperate with a US-led pressure campaign.
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Nick Harper in Washington says the US military remains in the region enforcing a naval blockade on Iranian ports — and could resume combat operations if the economic pressure campaign fails.
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