According to indiatoday.in, the U.S. Treasury Department imposed sanctions on 10 individuals and entities in Iran, Hong Kong, and Pakistan on Tuesday for allegedly facilitating Iran’s military supply chain.
Operation Economic Outcast Targets Defence Procurement
The sanctions form part of the Treasury’s Operation Economic Outcast campaign, which aims to sever “critical financial lifelines” for the Iranian government. Treasury Secretary Scott Bessent stated:
“Treasury will not tolerate any support to the regime and will continue to identify, expose, and isolate Iran’s enablers.” — Scott Bessent, Treasury Secretary
The move specifically targets procurement networks supplying weapons and weapon components to Iran’s Ministry of Defence and Armed Forces Logistics.
The report noted that the Biden administration had also targeted entities supporting Iran’s Armed Forces Logistics in 2024, focusing on missile and drone production and proliferation. Officials said the new penalties are designed to raise the cost for firms aiding Iran’s military procurement — particularly as Tehran wages what the report described as its now seven-month war against the U.S.
Economic Pressure Mounts Amid Currency Collapse
The sanctions coincided with a record plunge in Iran’s rial, which fell to 2.5 million rials per U.S. dollar on Tuesday — surpassing its previous record low of 2.2 million to the dollar reached on September 2. The war began on February 28, and the rial has declined steadily since then.
The report attributed the economic freefall to years of international sanctions, compounded this year by a U.S. naval blockade on Iranian oil and new sanctions enacted since the start of the conflict. These measures have pushed Iran’s economy into what the source described as an “unprecedented freefall.”
Overall, the latest U.S. action combines fresh sanctions on alleged facilitators of Iran’s defence sector with intensifying pressure on the country’s already strained macroeconomic conditions.
Source: indiatoday.in
Compiled from international media by the SCI.AI editorial team.
