The United States has warned foreign financial institutions that they could face sanctions if they continue doing business with Iran, as Washington steps up its campaign to cut the country off from the U.S. financial system.
The U.S. Treasury Department said in an Oct. 5 alert that such entities “could be targeted at any time without advance notification” and urged them to end those relationships immediately.
The warning marks a further expansion of Operation Economic Outcast, a sanctions campaign announced by Treasury Secretary Scott Bessent on Aug. 24 that has increased the risk of secondary sanctions for individuals and companies involved in Iran’s digital assets, technology, gold, aviation, and shipping sectors, according to the Treasury….