EU joins Trump’s strong economic measures against Iran
US treasury secretary Scott Bessent on Thursday said the European Union has thrown its weight behind Donald Trump’s strong economic campaign against Iran, claiming the bloc has “officially joined” the US-led “Operation Economic Outcast”. Bessent said the US treasury was seeking to isolate Tehran from international financial networks while targeting sources of revenue that Washington believes help sustain 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 said when announcing the initiative. As part of the campaign, the US said it had mapped networks allegedly being used by Iran to move oil and get around existing sanctions.
The announcement came as the EU signalled that it could support further economic measures against Tehran, while making clear that diplomatic efforts and de-escalation must continue alongside the pressure campaign. Washington unveiled the operation last month as a broad financial campaign targeting Iran’s economic lifelines. Washington also widened the range of Iran-linked activities that could trigger sanctions, with digital assets, technology and shipping among the areas coming under greater scrutiny. Bessent had framed the campaign as a choice between economic isolation and reintegration into the global economy. By signalling its readiness to participate in additional measures, the bloc could add greater weight to the US effort to squeeze Tehran financially. But its emphasis on negotiations, de-escalation and freedom of navigation also underlines Europe’s interest in preventing the economic campaign from further widening the conflict.