Bessent thanks EU for supporting ‘Operation Economic Outcast,’ the new anti-Iran sanctions plan
Bessent thanked the European Union “for their very fulsome, fulsome support for Operation Economic Outcast” as he arrived at the G20 meeting.
“They made it known today in the strongest terms that they supported” the plan, which aims to strangle Iran’s economy by targeting its international “enablers” with secondary sanctions, Bessent said.
The European Commission said in a statement overnight that it “welcomes efforts at ensuring that Iran ceases its destabilising activities and engages in peace negotiations with good faith.”
The commission said it supports efforts to achieve that goal “through additional economic pressure, including through the US led Operation Economic Outcast.”
“The EU will continue to work closely with the United States and other G7 and international partners to maintain pressure on Iran and contribute to de-escalation and regional stability,” the statement said.
โKevin Breuninger
Bessent: Iran is taking sanctions ‘very seriously’
Iran is taking the threat of strengthened U.S. sanctions “very seriously,” Bessent said.
Recent rhetorical and military aggression from Iran’s leaders shows “they’re in shock at the state of their economy,” the Treasury secretary told reporters before heading into G20 meetings.
“I would think that they are lashing out kinetically because they are losing economically,” he said.
โ Kevin Breuninger
Some reporters were barred from the Asheville meetings
U.S. Treasury Secretary Scott Bessent points as reporters raise their hands during a press conference to outline further sanctions against Iran, at the Treasury Department in Washington, D.C., U.S., Aug. 24, 2026.
Evelyn Hockstein | Reuters
The Treasury Department blocked some reporters from The New York Times, The Wall Street Journal and Bloomberg from attending the meetings in Asheville, barring access from three of the nation’s largest and most influential newsrooms.
Treasury’s refusal to give the reporters credentials is the latest instance of the Trump administration interfering with press access. Last year, the Pentagon imposed a strict new press policy that saw nearly all news organizations leave the building rather than sign an agreement to abide by the policy seeking to limit what news organizations could publish. Some of the news organizations excluded from the G20 said the move is intended to evade public scrutiny.
Nearly 300 members of the media, including one Times reporter, will have high-level access to policymakers throughout the event, a Treasury spokesperson said in a statement.
“News coverage should be focused on informing and educating the American people, rather than prioritizing clicks, engagement, or sensationalism,” the spokesperson said.
โ Garrett Downs
Warsh on hand at G20 following Jackson Hole speech
Kevin Warsh, chairman of the US Federal Reserve, left, Andrew Bailey, governor of the Bank of England, center, and Tiff Macklem, governor of the Bank of Canada at the Jackson Hole Economic Symposium in Moran, Wyoming, on Aug. 28, 2026.
David A. Grogan | CNBC
Federal Reserve Chair Kevin Warsh will be appearing in Asheville, fresh off this speech last week at the central bank’s Jackson Hole, Wyo., symposium.
The Fed leader is expected to deliver welcoming remarks for several sessions, with no indication that he will comment on policy.
During last week’s speech, Warsh hinted higher interest rates could be necessary absent further progress on getting inflation back to the Fed’s 2% target.
โJeff Cox
About The Author
