EU ‘officially joins’ US-led economic outcast campaign against Iran
Washington: The European Union has officially joined the US-led “Operation Economic Outcast” against Iran, US Treasury Secretary Scott Bessent said, welcoming what he described as the bloc’s strong stance in maintaining economic pressure on Tehran.
“The European Union has officially joined Operation Economic Outcast and we appreciate their strong and early stance,” Bessent said in a statement on X.
He said the US would continue working with its allies to prevent Iran from using the global financial system to fund its nuclear programme, weapons programmes and what Washington describes as terrorist proxies.
EU backs further economic pressure
Bessent’s remarks came after the EU said it was prepared to support additional economic pressure on Iran, including through Operation Economic Outcast.
At the same time, the bloc stressed the need for continued diplomatic efforts, de-escalation and a peaceful settlement to the ongoing West Asia conflict.
The EU said it has consistently urged Iran to curb its nuclear and ballistic missile programmes, end destabilising activities in the region and Europe, stop military support for Russia’s war in Ukraine, and halt violence and repression against its own people.
Focus on Strait of Hormuz
The EU also highlighted the need to ensure freedom of navigation and safe transit through the Strait of Hormuz, a key global shipping route.
The bloc said it has already imposed extensive sanctions aimed at preventing Iran from exploiting the global economy and financial system to support activities it considers hostile and damaging to international security.
It added that further measures could be taken if necessary to protect its security and interests, including navigation through the Strait of Hormuz.
Also read | ‘Sever every economic lifeline’: US Treasury Secy announces maximum financial pressure on Iran
US campaign targets Iran's financial networks
Bessent launched Operation Economic Outcast last month as a campaign aimed at cutting Iran off from international financial networks and restricting revenue streams that Washington says support the Iranian government.
“The US Department of the Treasury has launched Operation Economic Outcast, an unprecedented campaign against the Islamic Republic of Iran and its neighbours,” Bessent had said.
The US Treasury has since identified networks allegedly used by Iran to move oil and circumvent sanctions. Washington has also expanded categories of Iran-related activities that could face sanctions, including those involving digital assets, technology and shipping.
Also read | Donald Trump gets his face on a spendable US coin despite federal law: What you need to know
EU and US to work together
The EU said it would continue working closely with the US, G7 members and other international partners to maintain pressure on Iran while contributing to de-escalation and regional stability.
The bloc said its approach would combine economic pressure with diplomatic efforts aimed at ending the conflict, restoring regional stability and encouraging Iran to engage in peace negotiations in good faith.