The US Treasury Department is rolling out Operation Economic Outcast, a sanctions campaign against Iran that targets financial institutions and individuals across digital assets, technology, gold, aviation and shipping. Treasury Secretary Scott Bessent announced the initiative on August 24, sanctioning nearly 60 entities and individuals in its first round and warning foreign banks to wind down Iranian-linked relationships or risk losing access to the US dollar system. Four days later, FinCEN (U.S. financial-crime agency) proposed revoking correspondent banking access (links to U.S. financial institutions) for Banque Misr’s UAE branch. Treasury estimates the branch processed roughly $1.8 billion for 103 Iranian-linked companies between January 2024 and June 2026. The campaign builds on Economic Fury, an earlier 2026 initiative targeting shadow banking networks tied to Iran, and follows U.S. sanctions against more than 1,000 persons, vessels and aircraft connected to Iranian interests since February 2025. Banks in the UAE, Turkey and parts of East Asia face particular pressure, while the explicit inclusion of digital assets indicates that enforcement is extending beyond traditional financial channels.