Please follow us on Truth Social, X, YouTube, Minds, Telegram, Rumble, GETTR, Gab, Instagram
In late August the Trump administration had launched Operation Economic Outcast targeting digital assets, high-end technology, gold, commercial air travel, shipping in addition to other avenues of revenue for Iran's nuclear, missiles and terrorism programs. The EU statement of August 31 endorsed further economic measures against Tehran's "destabilizing activities" and now backs the operation.
The Group of 20 finance ministers and central bank governors met in Asheville, North Carolina over the weekend. Washington again urged the group of top economic officials from around the world to shut down routes that Tehran might use to channel payments. Iran's Foreign Ministry on Sunday characterized the EU's participation in the U.S.-led "Economic Outcast" campaign as "capitulation to the will of the United States."
The participation of the EU in the operation of the US to ban Iran from financial transactions is of great significance. As before, European banks and financial institutions are maintaining relations with Iranian counterparties. Now, however, they will have to be concerned about exposure to secondary US sanctions.
South Korea is also exploring a military contribution to the Strait of Hormuz operation. According to local media reports, the government is studying the possibility of deploying maritime patrol aircraft, a logistics support ship or a mine detection and clearance vessel to the region. The reports indicate the government will seek parliament's approval for the possible deployment as early as this month. The push for a military contribution comes after President Trump criticized Seoul for not doing enough to support the U.S. war efforts, including not joining the conflict. The president had already reduced joint U.S.-South Korea military exercises in part due to Seoul's reluctance to join the war.
Efforts by Washington to internationalize the economic and military pressure on Tehran in the absence of a ceasefire are well under way.
