The United States has announced a new round of sanctions against Iran as it seeks to increase pressure on Tehran amid the ongoing conflict in the Middle East and stalled negotiations (US Department of Treasury statement, 24/08/2026). “The US Department of the Treasury has begun Operation Economic Outcast: an unprecedented, whole-of-government, economic campaign against the Islamic Republic of Iran and its enablers”. According to the statement, Operation Economic Outcast will target the economic lifelines supporting the Iranian regime and the Islamic Revolutionary Guard Corps (IRGC).
Countries that maintain financial partnerships with Iran would face isolation, while banks and companies conducting business with the country would also risk being isolated if they refuse to sever their ties. Entities facilitating money laundering or sanctions evasion on behalf of Iran could additionally be excluded from the US financial system. “Every country will be given a defined timeline to shut down the Iran-related activity we have identified”, the Treasury Department said.
The Office of Foreign Assets Control (OFAC) also issued further warnings against cooperation with the Persian Gulf Strait Authority (PGSA), an entity established by Tehran earlier in 2026 to enforce its claim over the management of maritime traffic through the Strait of Hormuz.
The measures include sanctions targeting shipping companies based in the UAE, Singapore and Hong Kong, as well as six tankers owned by these entities. OFAC also imposed sanctions on French biofuels producer La Nivernaise De Raffinage, its parent company Wellbred, and affiliated entities in the UAE and Switzerland.
The US has maintained continuous sanctions pressure on Iran’s energy sector and other parts of its economy since May 2019, when Trump announced a policy of "maximum economic pressure" against Iran and pledged to bring the country’s crude oil exports down to zero. Over the past seven years, OFAC has added hundreds of tankers and shipping companies to its sanctions list over alleged business dealings with Tehran (Argus Media, 24/08/2026).
Following the US announcement, Iran expressed confidence that it would maintain trade with other nations.
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