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Treasury Secretary Scott Bessent Launches Operation Economic Outcast to Sever Iran's Economic Lifelines

Treasury Secretary Scott Bessent announced a new campaign against the Iranian regime titled Operation Economic Outcast. The objective of the initiative is to sever every economic lifeline sustaining the regime until Tehran stands alone. In the first round of the campaign, more than 60 entities, individuals, and vessels were designated. Among these, Bank Melli was identified as a primary target, with the administration announced that every foreign branch of the Iranian state-owned bank must be shuttered. To support the campaign, Britain designated Melli Bank plc under its nuclear sanctions regime. While the bank currently holds a British banking license, the administration announced that the clock has started ticking for its closure. The UK Treasury granted a general license allowing for specific payments, such as wages and IT bills, but the license is set to expire on October 22. Simultaneously, Iran has introduced new conditions for the Strait of Hormuz. The Persian Gulf Strait Authority issued a blacklist of 45 vessels accused of disregarding passage requirements. Iran also warned that any vessel engaging in ship-to-ship transfers with a listed vessel could itself be listed. Major General Rezaei stated that Iran will only keep the Strait of Hormuz open when the US neither threatens nor attacks the country.

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