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US expands Iran sanctions to target digital assets and other sectors
The Treasury’s Aug. 24 move, dubbed “Operation Economic Outcast,” adds nearly 60 sanctioned parties and gives OFAC broader power to penalize foreign firms tied to Iran.
The United States expanded its sanctions campaign against Iran by widening its authority to target Iran-linked digital assets and other sectors, escalating pressure on the country’s financial connections abroad. According to CryptoSlate, Treasury Secretary Scott Bessent announced the “Operation Economic Outcast” effort on Aug. 24, imposing sanctions on nearly 60 individuals, entities, and vessels.
The new determinations also open five Iranian sectors to broader sanctions, including digital assets, technology, gold, aviation, and shipping. Treasury said the campaign would increase secondary sanctions exposure for foreign businesses that continue dealing with Tehran, while OFAC receives a wider path to pursue overseas companies without first linking every target to a previously sanctioned Iranian counterparty.
CryptoSlate reports that the push comes as market debate heats up around whether using dollar access as a geopolitical tool can shift demand toward assets outside the traditional system. The outlet notes Bitcoin crossed $80,000 on Tuesday and reached as high as $80,887, while gold hit a three-month high.
The expanded authority builds on Executive Order 13902, which allows OFAC to sanction persons based on their role in Iran’s digital-asset sector regardless of location. The sanctions framework already treated certain Iranian crypto exchanges as financial institutions, and CryptoSlate says the updated determinations further broaden OFAC’s reach for overseas enforcement.
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