US Announces 'Economic Exclusion Operation' Against Iran

The US Department of the Treasury announced a new sanction initiative titled "Operation Economic Exclusion" targeted at Iran yesterday evening. Following the speech delivered by Treasury Secretary Scott Bessent, it was stated that other countries doing business with Iran would also be targeted. Bessent also warned that they would wait a certain period for these countries to sever ties with Iran, but would take much harsher steps afterward.

Crypto included Aiming to increase economic pressure on Iran, the Trump administration will also conduct detailed audits through the Treasury Department's sanctions unit, the Office of Foreign Assets Control (OFAC). OFAC will have the authority to place individuals and entities operating in five sectors on the sanctions list. These sectors include cryptocurrencies, technology, maritime shipping, aviation, and gold.

"Wherever they may be..." Thus, in the official document shared by OFAC, the crypto sector was explicitly defined as one of the areas subject to sanctions for the first time. The phrase "Wherever they may be..." in the OFAC statement is also critical... With this term, OFAC sends a message that it can impose sanctions on any person or company if a connection to Iran is established from anywhere in the world.