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Iran's Rial Hits Record Lows as US Sanctions Cripple Nuclear Funding
M
Moneycontrol•29-09-2026, 04:20
Iran's Rial Hits Record Lows as US Sanctions Cripple Nuclear Funding
- •US Treasury Secretary Scott Bessent announced the Iranian rial has plunged to record lows due to Operation Economic Outcast, aimed at pressuring nations and businesses working with Iran.
- •Launched on August 24, Operation Economic Outcast seeks to sever Iran’s financial and commercial links globally, focusing on banking, aviation, shipping, and networks funding military activities.
- •The US Treasury is targeting financial channels allegedly used by Iran to fund military operations, support regional armed groups, and advance nuclear and missile programs.
- •Sanctions have been imposed on entities and individuals facilitating Iranian procurement and financial transactions, and the aviation sector has been targeted, disrupting international air connectivity.
- •Efforts are ‘delivering results,’ with Türkiye, Oman, and the UAE halting flights by Iranian airlines and top commercial banks ceasing transactions with Iran, according to Bessent.
Key Questions Answered
Launched on August 24, 2026, Operation Economic Outcast aims to sever Iran's remaining financial and commercial links with the global economy, specifically targeting banking, aviation, shipping, and military funding to degrade Tehran's capacity to develop nuclear weapons and fund terrorism.
Following US diplomatic engagement, Türkiye and Oman halted Mahan Air flights, the UAE stopped all flights by Iranian airlines, and top commercial banks in both the UAE and Türkiye stopped transacting with Iran.
According to a report by The Jerusalem Post, US President Donald Trump is willing to consider sanctions relief and the release of frozen Iranian funds in exchange for concrete progress on Iran's nuclear programme.
