Ukraine’s State Financial Monitoring Service is drawing the attention of banks and international businesses to a significant increase in sanctions risks in connection with the U.S.-led Operation Economic Outcast, which aims to financially and economically isolate Iran, said Philip Pronin, head of the State Financial Monitoring Service.
According to him, the new U.S. sanctions policy extends the risks not only to Iranian companies and citizens directly, but also to foreign banks, financial companies, cryptocurrency platforms, traders, carriers, and other intermediaries that are directly or indirectly involved in facilitating transactions related to Iran.
The U.S. Department of the Treasury officially announced the launch of Operation Economic Outcast on August 24, 2026. As part of the first phase, the Office of Foreign Assets Control (OFAC) imposed sanctions on nearly 60 companies, individuals, and vessels in various jurisdictions. The restrictions targeted entities that, according to U.S. authorities, were involved in procuring technology for Iran’s nuclear and missile programs, cyber operations, and generating revenue from oil trade.
The international networks identified by the U.S. included brokers, companies, and “shadow fleet” vessels operating in the UAE, Hong Kong, China, Singapore, Switzerland, European countries, and other jurisdictions. The U.S. Treasury Department stated that it would pay particular attention to the use of third countries to circumvent sanctions.
At the same time, OFAC significantly expanded, for the first time, its ability to impose secondary sanctions across five sectors of the Iranian economy—digital assets, technology, gold, aviation, and shipping. Foreign individuals and companies operating in these sectors or providing services to them now face the risk of sanctions.
“Any entity that facilitates money laundering or sanctions evasion on behalf of Iran risks being cut off from the U.S. financial system,” states the U.S. Treasury Department’s position, as noted by Pronin.
According to the head of the State Financial Monitoring Service, transactions with intermediary companies from third countries, entities with opaque ownership structures, cryptoassets and exchange services, alternative payment channels, “shadow fleet” vessels, as well as payments for goods and technologies where the ultimate recipient may be an Iranian entity.
At the same time, sanctions risk may arise even in the absence of a company’s direct relationship with Iran—through a counterparty, correspondent bank, carrier, beneficial owner, or final recipient of the goods.
Under these circumstances, the State Financial Monitoring Service recommends strengthening sanctions screening of counterparties and their beneficiaries, analyzing the origin and destination of payments, verifying banks and payment intermediaries, monitoring the end users of goods and technologies, and monitoring transactions involving digital assets.
The United States continues to expand Operation Economic Outcast. On September 10, OFAC tightened its licensing policy regarding transactions with Iran, establishing a presumption of denial for special licenses except in a limited number of cases, and imposed new sanctions against networks linked to Iran-backed entities.
In addition, U.S. Treasury Secretary Scott Bessent announced that the administration is preparing sanctions against another major, as-yet-unnamed bank as part of efforts to increase financial pressure on Tehran.
