EU backs US sanctions campaign against Iran
The European Union has backed the US-led sanctions campaign Operation Economic Outcast, aimed at increasing economic pressure on Iran. US Treasury Secretary Scott Bessent welcomed the bloc's position and said Washington seeks to deny Tehran access to the global financial system, CNBC Top News reports.
In a statement dated August 31, Brussels said it supports efforts aimed at ending Tehran's destabilizing activities and resuming peace negotiations, including through Operation Economic Outcast. The EU's support was expressed amid a meeting of G20 finance ministers and central bank governors in Asheville, North Carolina.
US statements and Iran's response
Bessent thanked the EU for its firm and early position. According to him, the United States and its allies seek to prevent Iran from using the global financial system to fund nuclear ambitions, weapons programs, and proxy groups.
Iranian Foreign Ministry spokesperson Esmaeil Baghaei criticized the EU's support for the US campaign, which he called economic terrorism. In a post dated September 1, Baghaei said that the European Union had ceded its sovereignty, laws, values, and ethical principles to the United States.
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Campaign objectives
Donald Trump's administration launched Operation Economic Outcast in late August. The campaign targets Iran's access to digital assets, procurement of advanced technologies, gold reserves, commercial aviation, and shipping.
Bessent had previously said he intended to urge G20 partners to sever financial ties with Tehran or face secondary sanctions. He also said that new secondary sanctions were planned to be imposed weekly, initially targeting banks that facilitate Iran-related transactions.
The EU separately maintains its own sanctions regime concerning Iran's nuclear and ballistic missile programs, as well as its military support for the Russian Federation, an aggressor state.
