World·Iran

Treasury warns foreign banks still dealing with Iran they can be sanctioned without notice

Published 5:00 PM CT, Monday, October 5, 2026 · Updated 5:12 PM CT
In the 5 PM CT update

The Treasury Department’s Office of Foreign Assets Control issued an alert Monday warning that foreign financial institutions still transacting with sanctioned Iranian banks “could be targeted at any time without advance notification and should take immediate action to terminate such activity,” under the campaign it calls “Operation Economic Outcast.” Separately, Mohsen Rezaei, secretary of Iran’s Supreme National Security Council, described the country’s circumstances as “among the most difficult periods the country has faced” at a weekend economic meeting, according to Iran’s IRNA news agency, the Washington Examiner reported. The Examiner said the rial fell to about 2.7 million per U.S. dollar to begin this week, citing a free-market exchange-rate tracker.

• Iran
• Sanctions
• Treasury Department
• OFAC
• Operation Economic Outcast
• Mohsen Rezaei
• Iranian rial
• Blockade
• Scott Bessent
• Shadow banking