In this episode of Corruption, Crime and Compliance, Michael Volkov devotes a full deep dive to Operation Economic Outcast, Treasury’s aggressive campaign to close off Iran’s remaining financial and commercial channels following the collapse of a June 2026 US-Iran memorandum of understanding. He walks through OFAC’s expansion of sectoral sanctions into aviation, digital assets, gold, shipping, and technology with no U.S. nexus required, the suspension of general licenses that has disrupted universities, testing organizations, and academic and sports exchanges, a new presumption-of-denial licensing policy, updated Strait of Hormuz guidance establishing sanctions risk even without any payment changing hands, and a coordinated crackdown on banks in the UAE, Turkey, and Russia serving as Iran’s financial lifelines. Volkov closes with concrete steps: reassess Iran-connected exposure immediately in the newly covered sectors, treat any activity tied to a suspended general license as ended rather than pending renewal, and build enhanced due diligence for Hormuz transits and newly designated bank counterparties.