WASHINGTON D.C.: US Treasury Secretary Scott Bessent said on Thursday, September 3, that the European Union had officially joined Operation Economic Outcast.
“The world is sending a clear message to the Iranian regime: We will not stop until every remaining financial lifeline has been severed,” Bessent said on his X account. He expressed his appreciation to the European Union for the decision.
He said the US and its allies stood firm in ensuring that Iran could not “exploit” the global financial system to fund its “nuclear ambitions, weapon programmes, and terror proxies.”
The European Union had earlier said it had consistently urged Iran to curb its nuclear and ballistic missile programmes, end destabilising activities in the region and Europe, stop military support for Russia’s war in Ukraine, and cease violence and repression against its people, according to an official statement on the union’s website on Monday, August 31.
The statement was made in the context of the G20 Finance Ministers and Central Bank Governors meeting held on August 31 and September 1 in Asheville, US.
It said continued diplomacy was necessary to secure a peace settlement, restore regional stability, and ensure freedom of navigation and safe transit through the Strait of Hormuz.
The EU also said it had imposed extensive sanctions to prevent Iran from exploiting the global economy and financial system to sustain hostile actions and undermine international security.
It added that it remained ready to take further measures, including economic pressure, to protect its security and interests, and welcomed efforts to push Iran towards good-faith peace negotiations. The statement further said it would continue working with the United States, G7 members, and other international partners to maintain pressure on Iran and support de-escalation and regional stability.
The Trump administration had launched “Operation Economic Outcast” on Monday, August 24, a major campaign to isolate Iran economically by targeting the networks that help Tehran generate oil revenue and obtain technology, while warning countries and companies that continue doing business with the regime that they could face US sanctions.
