Washington DC [US], August 25 (ANI): US Treasury Secretary Scott Bessent on Monday (local time) announced the launch of 'Operation Economic Outcast', saying the campaign aims to sever Iran's financial connections around the world and cut off revenue sources supporting the Iranian regime.

While addressing a press conference, Bessent said, 'The US Department of the Treasury has launched Operation Economic Outcast, an unprecedented campaign against the Islamic Republic of Iran and its neighbours.'

'During World War II, D-Day marked the historic beginning of a joint campaign with our allies to target and drive the enemy from its positions, including those in third countries. Today, in that same spirit, we are launching an economic onslaught against Iran's financial connections around the globe. Our goal is to sever every economic lifeline that sustains this tyrannical regime,' Bessent said.

Bessent said Iran now faces a choice between global isolation and a return to the international economy.

'Iran now faces a clear choice, with only two paths before them: complete global isolation and a subsistence economy, or a path to normalcy with the opportunity to rejoin the global economy. Today we are launching Operation Economic Outcast to foreclose all other options available to the Iranian regime,' Bessent added.

The Treasury Secretary said Washington had identified the networks Iran uses to move oil and circumvent sanctions.

'Treasury has mapped every node, facilitator, and network that Iran has used to smuggle oil and evade sanctions. Beginning today, the actions of Treasury and other agencies will block every potential source of revenue that funds the Islamic Revolutionary Guard Corps (IRGC) and the evil Iranian regime,' he added.

Bessent's remarks came a day after he warned in an op-ed that an 'economic D-Day is coming for Iran'. His comments followed similar warnings from US President Donald Trump, who has sought to increase economic pressure on Tehran and push it back towards negotiations.

On August 20, Trump announced a sweeping economic campaign against Iran and warned that countries providing financial, business, airport or government support to Tehran would face 'tremendous economic consequences'.

'No one has given the Islamic Republic of Iran a greater opportunity to make a Deal than me. TRAGICALLY, for them, they have failed to take it,' Trump said in a post on Truth Social.

'Therefore, today, I am announcing the MOST CRUSHING ECONOMIC OPERATION EVER TAKEN AGAINST ANY COUNTRY! This will be Economic Warfare and Isolation on an unprecedented scale,' he added.

Trump said the measures would target Iran's economic lifelines, including oil smuggling networks, financial transfers, exchange houses, ship registries and front companies.

'Oil smuggling, swap lines, cash transfers, exchange houses, ship registries, front companies -- It all needs to stop NOW,' Trump said.

He also warned that countries allowing their financial institutions, businesses, airports or government entities to provide support to Iran would face economic consequences.

'Today, I am also announcing that ANY country that allows its financial institutions, businesses, airports, or government entities to provide any type of lifeline to Iran will itself face TREMENDOUS Economic Consequences,' Trump said.

Trump urged US allies to join Washington in isolating Iran and said the measures would mark an 'economic D-DAY'.

'You know who you are. This will be an ECONOMIC D-DAY, and we need all of our Allies to stand with the United States of America to isolate, and defeat, the Iran threat,' Trump said. (ANI)