Treasury Secretary Scott Bessent, whom I maintain is the most effective in his role since Alexander Hamilton, is still turning the screws on Iran's economy. His efforts, Operation Economy Fury and Operation Economic Outcast, have been aimed at isolating Iran economically by cutting off all of its foreign trade, its oil sales, and all of the various money-laundering schemes it has historically used to get hard currency into its country's coffers. Now the Iranian rial is crashing in a mega-inflation that is approaching Zimbabwean levels, and SECTREAS on Friday announced that yet another bank, this one in Turkey, has been cut off from Iran. Secretary Bessent took to his official X account to count coup.
Today, as part of Operation Economic Outcast, Treasury severed the Iranian regime’s critical financial lifelines in Türkiye. The Office of Foreign Assets Control designated Türkiye-based Golden Global Bank and its subsidiaries, which have facilitated tens of millions of dollars’…
— Treasury Department (@USTreasury) September 4, 2026
Secretary Bessent writes:
Today, as part of Operation Economic Outcast, Treasury severed the Iranian regime’s critical financial lifelines in Türkiye. The Office of Foreign Assets Control designated Türkiye-based Golden Global Bank and its subsidiaries, which have facilitated tens of millions of dollars’ worth of transactions for the Islamic Revolutionary Guard Corps-Qods Force and provide the Iranian regime with key correspondent banking access that allows it to move its funds internationally.
So, this is a source of funds not for Iran's civil government, or what's left of it. These were funds that were going to the Islamic Revolutionary Guard Corps (IRGC), to the Qods force, and no doubt to some of the other goblins they support and equip. No longer.
Also, this is a message to other global banks, pour encourager les autres.
Financial institutions continue to find out the hard way that we are serious about Operation Economic Outcast. While we hope no more banks will need to be sanctioned, that ultimately depends on how quickly the international community comes to its senses and ceases support of the… https://t.co/66WX31SP5V
— Treasury Secretary Scott Bessent (@SecScottBessent) September 4, 2026
Again, the Secretary writes:
Financial institutions continue to find out the hard way that we are serious about Operation Economic Outcast. While we hope no more banks will need to be sanctioned, that ultimately depends on how quickly the international community comes to its senses and ceases support of the murderous Iranian regime. We know who you are, we know where you are, and we will continue to take action together with our allies and partners until we have buried the head of the Iranian snake.
As I have been saying and writing for some time now, this may well be the action that brings the mullahs down. The military actions, including the destruction of Iran's known nuclear research facilities in Operation Midnight Hammer and then the systemic destruction of much of Iran's military in Operation Epic Fury, did a lot of damage. But this, SECTREAS's clampdown, is hitting the mullahs and their minions where it really hurts: In their pocketbooks.
They won't be getting any pallets of cash from this administration.
Now, the top few, including the supposedly still-alive Supreme Leader, probably have plenty of currency stashed in Switzerland, the Cayman Islands, or some other places where the banks don't ask too many inconvenient questions. It always works that way with autocratic countries; the top few are fabulously wealthy, while the general population suffers. But the IRGC is going to feel the pinch, as will the lower-tier regime members, and most of all, the Iranian people are feeling the pain of their crashing economy.
The question remains: When will the general run of the Iranian people decide they have nothing left to lose - and what happens then?
Editor's Note: Do you enjoy RedState's conservative reporting that takes on the radical Left and woke media? Support our work so that we can continue to bring you the truth.
Join RedState VIP and use promo code FIGHT to receive 60% off your membership.
Join the Conversation
VIP members get the ability to comment on articles.