US Treasury designates five Iranian sectors under expanded sanctions programme

Five sectors brought under secondary sanctions framework August 24#

The US Treasury's Office of Foreign Assets Control brought five Iranian economic sectors under secondary sanctions restrictions on August 24, 2026, as part of Operation Economic Outcast. The sectors now subject to these restrictions are digital assets, gold, aviation, shipping and technology. They join financial services and petroleum and petrochemicals, which were already covered under Executive Order 13902. Under that order, the Treasury Secretary working with the State Department may designate as a Specially Designated National any person found to be operating in or conducting a significant transaction involving these sectors, regardless of whether a US connection exists.

Four general licenses suspended with two-week wind-down period#

Four general licenses under the Iranian Transactions and Sanctions Regulations were suspended indefinitely from August 24, 2026. The affected authorizations are General License D-2 covering official business of certain international organizations, General License E for services supporting nongovernmental organization activities in Iran, General License F-2 for noncommercial personal remittances, and General License G-2 for certain patent, trademark and copyright transactions. OFAC issued General License BB permitting wind-down activities for transactions previously covered by the suspended licenses until 12:01 a.m. EDT on September 8, 2026. Payments to blocked persons under the wind-down must go into blocked interest-bearing accounts in the United States. Universities with Iranian exchange programmes, event organizers, sports bodies and financial institutions handling personal remittances will be affected by the suspension.

More than 60 parties designated across three activity categories#

OFAC added over 60 entities, individuals and vessels across multiple jurisdictions to the SDN List on August 24, 2026. The designations target parties OFAC says enable illicit nuclear and missile technology procurement, cyber operations and oil revenue generation networks. The additions fall into three main categories covering these activities.

European Union joins financial isolation effort September 4#

The European Union joined Operation Economic Outcast on September 4, 2026, US Treasury Secretary Scott Bessent said. Writing on social media platform X, Bessent said the US appreciates the EU's strong and early stance. He stated that the US and its allies aim to prevent Iran's government from accessing the global financial system, and that the international community would continue until all remaining financial channels are closed.