European Union Joins US Effort to Cut Iran's Funding Sources

The European Union has announced its support for "Operation Economic Outcast," a U.S.-led initiative aimed at increasing economic pressure on Iran and severing its access to funds used for its weapons programs and supported terror organizations. The EU's statement followed a meeting of finance ministers and central bank governors from G20 nations in Asheville, North Carolina.

The EU reiterated its long-standing demands for Iran to curb its nuclear and ballistic missile programs, cease destabilizing activities in the Middle East and Europe, halt military aid to Russia's war in Ukraine, and end its violent repression of its own citizens. The bloc emphasized the need for full freedom of navigation and safe passage through the Strait of Hormuz, alongside diplomatic efforts for regional stability.

The EU highlighted its existing extensive sanctions designed to prevent Tehran from exploiting the global economy and financial system for its hostile activities and to protect international security. It affirmed its readiness to take further measures if necessary to safeguard its security and interests, including freedom of navigation in the Strait of Hormuz.

The Union welcomed efforts to end Iran's destabilizing actions and compel it to engage in good-faith peace negotiations. In this context, it expressed support for additional economic pressure, including through the U.S.-led operation. EU member states will continue close coordination with the United States, G7 nations, and other international partners to maintain pressure on the Iranian regime while simultaneously working to de-escalate tensions and restore regional stability.

U.S. Treasury Secretary Scott Bessent welcomed the move, stating that the EU has officially joined the operation. "We appreciate their firm and swift stance," he wrote, adding that the U.S. and its partners are determined to prevent the Iranian regime from "exploiting the global financial system to fund its nuclear ambitions, its weapons programs, and its terror proxies." Bessent asserted that the international community is sending a clear message to Tehran: "We will not stop until every remaining financial artery to the Iranian regime is severed."