US Treasury targets Iran's shadow fleet, neutralizes key vessels

Scott Bessent: Scott Bessent serves as the U.S. Secretary of the Treasury and leads the implementation of sanctions policy targeting foreign threats to U.S. interests. In the reported action, he highlighted how the designations starve the Iranian regime of funds used for regional conflicts and warned that no sanctions evader is safe from enforcement. Operation Economic Outcast: Operation Economic Outcast is a U.S. Treasury-led sanctions campaign launched in 2026 to isolate the Iranian regime by targeting its remaining economic lifelines, sanctions evasion schemes, and illicit revenue channels. The operation drives the current designations that neutralize the majority of Iran's shadow fleet and expand risks for enablers of Iranian oil sales. U.S. Department of the Treasury: The U.S. Department of the Treasury is the federal executive department responsible for managing government finances, collecting revenues, and administering economic and trade sanctions through its Office of Foreign Assets Control. In this news, it is executing sanctions designations against Iranian shadow fleet vessels and supporting companies under Operation Economic Outcast to disrupt the regime's petroleum exports. Ongoing Enforcement: Treasury maintains active monitoring of Iran's fluid illicit maritime networks and will continue identifying new evasion attempts. Sanctions Authority: The designations are issued under Executive Order 13902, which addresses key sectors of the Iranian economy including petroleum. International Coordination: The operation works in partnership with the European Union, United Kingdom, Gulf partners, and other governments to address Iranian sanctions evasion.