The Latest: Bessent warns the world to cut financial ties to Iran or face US retaliation

U.S. Treasury Secretary Scott Bessent announced on Monday the launch of 'Operation Economic Outcast,' a new initiative involving secondary sanctions aimed at severing all financial revenue sources for Iran. Bessent issued a formal warning to international nations, stating that those who maintain economic ties with Tehran will face retaliatory measures from the United States.

While the Treasury Department has signaled the intent to implement these measures, specific targets and a timeline for the sanctions have not yet been disclosed. The policy represents a significant escalation in U.S. economic pressure, building upon nearly five decades of existing sanctions against the Iranian government.