Bessent takes ‘victory lap’ over Operation Economic Outcast against Iran as rial hits new low

US Treasury Secretary Scott Bessent on Saturday claimed the success of the country’s Operation Economic Outcast against Iran as the West Asian nation continues to face challenges of war. In a post on X, formerly known as Twitter, Scott said that he had sent envoys around the world to pressure countries to economically isolate Iran.

He went on to hail the new restrictions targeting the country’s airlines and banks, thanking nations who are supporting the operation. “At my direction, teams were dispatched across the globe to engage with countries and demand action against the Iranian regime,” he said on X. “These efforts are delivering results.”

Bessent’s remarks came as he shared a report by The Wall Street Journal that dealt with the US’s “arm-twisting” tactics with Iran. In the same post, Bessent noted that countries like Turkey and Oman have halted incoming flights from private carrier Mahan Air, while the United Arab Emirates has stopped all flights by Iranian airlines.

Meanwhile, Dubai, the UAE’s commercial hub, is a major destination for Iran’s carriers, with multiple daily flights; a large Iranian community have also closed business links to the country.

More from Business

Bessent takes the victory lap

The American Treasury secretary also highlighted new banking restrictions. On Wednesday, the UAE central bank blocked transactions to and from Iran by branches of Iran’s Bank Melli, accusing it of violating laws on money laundering, terrorism and arms proliferation.

Last week, Turkey also revoked the license of Iran’s Bank Mellat, a semi-private financial entity that has been subject to Western sanctions for years. The WSJ article shared by Bessent said that Jonathan Burke, the Treasury’s assistant secretary for terrorist financing, travelled across West Asia and Europe over two weeks to push the plan to impose what Bessent called “economic D-Day” on Tehran.

In light of Operation Economic Outcast, the US Treasury has held discussions with more than 50 countries, the WSJ reported. On Monday, Bessent said that all Iranian airlines “will be shut down around the world.” However, smaller Iranian carriers continue to operate international routes, particularly to China, which is refusing to yield to US pressure.

With input from AFP.