U.S. Treasury says sanctions are pushing Iran toward financial isolation

U.S. Treasury Under Secretary for International Affairs Erin Browne told Fox Business that the rial has fallen to an all-time low of more than 2.5 million rials per dollar as the Operation Economic Outcast sanctions campaign intensifies pressure on Tehran.

"I think the Iranians know that the U.S. is winning in terms of our economic isolation and Economic Outcast against Iran," Browne said, adding that the United States will remain "relentless" in keeping Iran isolated from the global financial system while the conflict continues.

The Treasury launched the operation on Aug. 24, describing it as an "economic onslaught" targeting Iran’s digital assets, technology, gold, aviation and shipping sectors to disrupt revenue streams linked to terrorism. Treasury Secretary Scott Bessent said the effort aims to cut off Iran’s access to the U.S. financial system and expand secondary sanctions on entities that continue business with the regime.

Browne said the campaign has moved from "maximum pressure to absolute isolation" and cited recent steps, including sanctions on 11 individuals involved in military procurement and the designation of the A7 Network, a shadow banking system tied to Iran and Russia, as evidence of continued pressure across financial, military and industrial channels.

The Treasury also reported that Iran loaded no crude onto tankers in September, a development the administration says further reduces the regime’s revenue.