U.S. Treasury Secretary Scott Bessent said the European Union had officially joined Operation Economic Outcast, the American sanctions campaign aimed at cutting Iran out of the international banking system, praising the bloc for a strong and early stance and vowing that pressure will continue until remaining financial lifelines are severed. The European Commission text he cited, issued around the start of the G20 finance ministers’ meeting in Asheville, North Carolina, welcomes U.S.-led economic pressure and pledges close work with Washington and other G7 partners, but does not say the EU is joining the operation, announce new sanctions, align with U.S. designations, or change the bloc’s existing Iran regime. The gap matters because the late-August U.S. drive relies heavily on secondary sanctions covering digital assets, advanced technology, gold, aviation and shipping, with nearly 60 companies, individuals and vessels designated at the outset, while the EU Blocking Statute in principle restricts European firms from complying with U.S. Iran sanctions without Commission permission. Bessent used the U.S.-chaired G20 gathering, hosted with Federal Reserve Chair Kevin Warsh, to urge counterparts to cut financial ties with Tehran or risk secondary penalties. The financial campaign has advanced alongside military escalation, including broader U.S. strikes on Iranian targets from September 1 and Iranian missile and drone attacks on Kuwait, as well as debate in Washington over how long open hostilities should last. China remains central to residual Iranian oil revenue after taking more than 80% of shipped volumes in 2025, with wider isolation efforts still spanning shipping restrictions, UAE trade cuts, distressed Iranian macro conditions, and prior freezes of Iran-linked cryptocurrency approaching $1 billion.