Aug. 24 (UPI) — The U.S. Treasury Department unveiled new sanctions on Iran on Monday, launching “Operation Economic Outcast” in an attempt to weaken its economy.

Treasury Secretary Scott Bessent evoked World War II in a statement on the plan, calling it an “economic onslaught” against Iran the Trump administration is referring to as “Economic D-Day.

“In the Second World War, D-Day marked the historic beginning of a campaign with our allies to target and drive the enemy out of its positions, including those in third countries,” Bessent said in a statement.

“Today, in that same spirit, we are launching an economic onslaught against Iran’s financial connections around the globe. Our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone.”

While speaking with members of the press on Monday, Bessent said the sanctions will apply to Iran and any country that has an “economic engagement” with Iran.

“No one is above this,” Bessent said.

The treasury’s plan includes expanding categories of conduct that may be subject to secondary sanctions, sanctioning nearly 60 entities, individuals and vessels, suspending several general licenses and warnings against other nations on the risks of working with Iran.

The United States has already imposed sanctions on Iran and other countries it trades with, with an emphasis on Iran’s oil trade. To date, these sanctions have not been fully enforced.

Iran’s national currency, the rial, reached a record low value on Monday, valued at 2 million rials to $1 USD.

Mohammad Bagher Ghalibaf, the speaker of Iran’s parliament and chief negotiator, said last week while meeting with business leaders in Baghdad that Iran’s struggling economy poses a national security risk.

“No matter how much power we have, if people are hungry and we don’t have financial circulation, economic growth and domestic productions, we will not endure,” he said.