Treasury Secy Bessent says EU ‘officially’ joins US-led ‘Operation Economic Outcast’ against Iran

WASHINGTON: US Treasury Secretary Scott Bessent on Thursday (local time) said that the European Union has “officially joined” the US-led “Operation Economic Outcast” against Iran, welcoming what he described as the bloc’s strong and early stance in maintaining economic pressure on Tehran as the West Asia conflict continues.

“The European Union has officially joined Operation Economic Outcast and we appreciate their strong and early stance,” Bessent said in a statement on X. “The United States stands firm with our allies in ensuring the murderous Iranian regime cannot exploit the global financial system to fund its nuclear ambitions, weapons programs, and terror proxies. The world is sending a clear message to the Iranian regime: We will not stop until every remaining financial lifeline has been severed,” he added.

The European Union has officially joined Operation Economic Outcast and we appreciate their strong and early stance. The United States stands firm with our allies in ensuring the murderous Iranian regime cannot exploit the global financial system to fund its nuclear ambitions,…

— Treasury Secretary Scott Bessent (@SecScottBessent) September 3, 2026

Bessent’s remarks came after the EU said it was prepared to support additional economic pressure on Iran, including through the US-led operation, while stressing the need for continued diplomatic efforts and de-escalation.

“The European Union has consistently urged Iran to curb its nuclear programme, and its ballistic missile programme, refrain from destabilising activities in the region and in Europe, stop its military support for Russia’s war of aggression against Ukraine and cease the violence and repression against its own people,” the EU said in a statement shared by Bessent.

The bloc said it believes continued diplomatic efforts are necessary to reach a peace settlement, restore regional stability and ensure “full freedom of navigation and safe transit through the Strait of Hormuz”.

The EU also said it had already adopted extensive sanctions aimed at preventing Iran from exploiting the global economy and financial system to sustain what it described as hostile actions and undermine international security. “It remains ready to take further measures, where necessary, to safeguard its security and interests, including freedom of navigation through the Strait of Hormuz,” the EU said.

The bloc welcomed efforts aimed at ensuring Iran ceases its destabilising activities and engages in peace negotiations “with good faith”, adding that this could include additional economic pressure through Operation Economic Outcast. “The EU will continue to work closely with the United States and other G7 and international partners to maintain pressure on Iran and contribute to de-escalation and regional stability,” it said.

Bessent announced the launch of “Operation Economic Outcast” last month, describing it as a campaign aimed at cutting Iran off from international financial networks and restricting revenue streams that Washington says support the Iranian government. “The US Department of the Treasury has launched Operation Economic Outcast, an unprecedented campaign against the Islamic Republic of Iran and its neighbours,” Bessent said at the time. “Our goal is to sever every economic lifeline that sustains this tyrannical regime,” he said.

According to Bessent, the US had identified networks used by Iran to move oil and circumvent sanctions. The Treasury Department also expanded categories of Iran-related conduct that could potentially face US sanctions, including activities involving digital assets, technology and shipping.

“Iran now faces a clear choice, with only two paths before them: complete global isolation and a subsistence economy, or a path to normalcy with the opportunity to rejoin the global economy,” Bessent had said.

The EU’s latest statement signals its willingness to work alongside Washington and other G7 and international partners to maintain economic pressure on Tehran, while simultaneously calling for diplomacy, regional de-escalation and safe navigation through the Strait of Hormuz. (ANI)