U.S. Treasury Secretary Scott Bessent has welcomed the European Union’s support for Operation Economic Outcast, a campaign designed to pressure Iran by targeting financial institutions accused of facilitating sanctions evasion. The initiative focuses on Iran’s shadow-banking system and access to regional banks, particularly networks operating through the Gulf. Bessent said coordinated transatlantic action would increase pressure on Tehran. European backing could strengthen enforcement, disrupt illicit transactions, and signal broader cooperation as tensions rise between Iran and the United States.
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