The United States tightens its sanctions regime against Iran

Following an operation aimed at mapping and identifying the commercial networks and actors that enable Iran to obtain financing and circumvent sanctions, the U.S. Department of the Treasury has introduced new and stringent restrictive measures against Iran.

The “Economic Outcast” operation — the name given to the measures undertaken — is the result of a joint effort by the U.S. Departments of the Treasury, State and War, with the stated objective of cutting off the flow of financial resources supporting the Iranian economy and the implicit aim of deterring anyone from engaging in economic dealings with entities or individuals directly or indirectly involved in the Iranian economy.

EXPANSION OF STRATEGIC SECTORS SUBJECT TO RESTRICTIONS

On 10 January 2020, Executive Order (E.O.) 13902 (Imposing Sanctions With Respect to Additional Sectors of Iran) was issued, authorizing the Secretary of the Treasury, in consultation with the Secretary of State, to identify sectors of the Iranian economy deemed strategic and to prohibit economic transactions falling within those sectors.

As the conflict in Iran intensified, the Office of Foreign Assets Control (OFAC), the agency within the U.S. Department of the Treasury responsible for administering and enforcing economic sanctions adopted by the United States for foreign policy and national security purposes, progressively expanded the economic sectors targeted by sanctions. Accordingly, prior to the measures adopted on 24 August 2026, restrictions already applied to the following sectors:

• construction;
• manufacturing;
• textiles;
• financial;
• petroleum;
• petrochemical;
• metals (iron, steel, aluminium and copper).

On 24 August 2026, the following sectors were added:

▪ Digital assets: the measures specifically focus on the cryptocurrency sector.

▪ Technology: the new restrictions are aimed, in particular, at further limiting Iran’s access to technologies that could be incorporated into its domestic weapons production.

▪ Gold: the new measures target this sector because of its potential to provide greater stability to the rial and domestic inflation.

▪ Aviation: the measures are intended to restrict dealings with ostensibly commercial airlines which, according to U.S. authorities, are controlled by the Iranian regime and used to transport weapons and sensitive technologies, as well as to transfer gold and funds to intermediaries linked to Iran.

▪ Maritime transportation: particular attention is focused on Iranian oil tankers used to transport petroleum, the proceeds of which constitute a source of financing for the regime. U.S. authorities also highlight the use of maritime transportation to move sensitive components intended for weapons and missile systems.