A senior Treasury Department official says Operation Economic Outcast is inflicting visible damage on Iran, arguing that Tehran understands the United States is winning its campaign to isolate the regime from the global financial system.

Under Secretary for International Affairs Erin Browne spoke to FOX Business as Iran’s official currency plunged to record lows. The exchange rate exceeded 2.5 million rials to the American dollar.

“I think the Iranians know that the U.S. is winning in terms of our economic isolation and Economic Outcast against Iran. And we’ve seen the rial fall to its lowest levels. Again, on Tuesday, it hit an all-time low,” Browne said.

The currency collapse, according to Browne, shows the economic pain being imposed on Tehran. She said the United States intends to maintain its relentless approach while the conflict remains in practice.

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“So, we’re seeing the economic damage that this conflict is imposing upon Iran. And the U.S. will continue and be completely relentless in ensuring that they are completely isolated from the global financial system as long as this conflict remains in practice.”

The Treasury Department launched Operation Economic Outcast against Iran on Aug. 24. Treasury Secretary Scott Bessent described the campaign in a news release as an “economic onslaught against Iran’s financial connections around the globe.”

“Teams from the Departments of Treasury, State, and War are engaging counterparts around the world to make clear that the United States expects immediate action. Every country will be given a defined timeline to shut down the Iran-related activity we have identified. If they fail to act, Treasury will act,” the department said.

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Treasury also warned that entities facilitating money laundering or sanctions evasion for Iran could be cut off from the American financial system. The campaign expands secondary sanctions exposure for those continuing to conduct business with the Iranian regime and accelerates American enforcement.

Bessent called the aggressive strategy an “Economic D-Day.” It targets critical Iranian industries, including digital assets, technology, gold, aviation and shipping, in an effort to eliminate revenue streams that fund international terrorism.

“So, over the last month, Operation Economic Outcast has been a complete success,” Browne told FOX Business.

Browne said President Donald Trump has directed the United States to systematically end Iran’s access to the financial system worldwide. She said the effort goes beyond financial restrictions and also targets Iran’s military access and industrial sectors.

“We are also cutting them off militarily and cutting them off from an industrial sector standpoint, so that they will have no access for funds on a go-forward basis.”

Browne characterized the campaign as a shift from maximum pressure to absolute isolation. She said the government had taken several steps during the previous week to block Iran through financial, military and industrial avenues.

“We have moved from maximum pressure to absolute isolation, and this has been really effective. Even in the last week, we’ve taken a number of steps as a government in order to cut off Iran across all three avenues,” she added.

Financially, Browne said the United States has continued pressuring Iran by seeking to end its financing on a global basis and cutting it off from financial networks. She also pointed to sanctions against another 11 individuals intended to stop military procurement for the Iranian army.

From an industrial perspective, Browne said the United States has continued attacking Iran’s industrial and logistical framework. Those actions include efforts to cut the regime off from logistical transportation, including its aviation sector.

Bessent announced on X that “Iran loaded ZERO crude oil onto tankers in September.” He added that the Trump administration is “cutting off the Iranian regime’s most critical source of revenue.”

Iran loaded ZERO crude oil onto tankers in September. The Trump Administration is cutting off the Iranian regime’s most critical source of revenue.

Operation Economic Outcast is severing the economic lifelines that have allowed Tehran to finance its terrorist agenda. https://t.co/p9VwpZYzCr — Treasury Secretary Scott Bessent (@SecScottBessent) October 1, 2026

As part of the campaign, the Treasury Department also sanctioned the A7 Network, which it described as a shadow banking network with ties to Russia. Treasury said the Iranian regime used the network to evade sanctions.

“The A7 Network was created and backed by U.S.-sanctioned persons in order to evade sanctions. It has developed a global web of Sub-Agents, companies that are purpose-built to disguise payments linked to sanctioned sectors and persons as ordinary commercial activity,” the department said Thursday.

Treasury said the A7 Network had been used by Iran, including Iran’s Islamic Revolutionary Guard Corps. The previous day, the department also targeted what it called some of the last significant parts of Iran’s failing industrial infrastructure, including rail and automotive conglomerates.

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