EU joins US economic pressure campaign against Iran

The European Union has joined the United States’ economic pressure campaign against Iran, dubbed “Operation Economic Outcast,” as Washington seeks to further restrict Tehran’s access to the international financial system.

US Treasury Secretary Scott Bessent announced the development in a post on X, saying the US and its allies were seeking to prevent Iran from using global financial networks to support its nuclear programme, weapons development and allied armed groups.

Bessent said the international community was sending a message that economic pressure would continue until Iran’s remaining financial channels were cut off.

Meanwhile, South Korea is reviewing whether to contribute to international efforts to protect shipping through the strategically important Strait of Hormuz.

A South Korean presidential official said Seoul could consider assistance as long as any mission did not undermine the country’s military readiness. The government has stressed that discussions are still ongoing and that no final decision has been made.

Reports in South Korean and international media, however, indicate that preparations for a possible deployment are becoming more concrete.

According to a report by Australia’s SBS, South Korea’s military is preparing for a possible mission involving P-8 maritime patrol aircraft, an explosive ordnance disposal team and a logistics support vessel.

The reported deployment would focus on maritime security and supporting freedom of navigation rather than direct combat operations.

South Korean officials have previously indicated that Seoul would prefer to consider deployment after the US-Iran conflict ends. The issue has gained greater attention following criticism from US President Donald Trump over South Korea’s decision not to participate in US military action against Iran.

Discussions are reportedly also taking place with other countries over potential operational and naval support arrangements.

Any South Korean overseas military deployment would have to pass several domestic procedures. The process includes a decision by the National Security Council, a Cabinet resolution and approval from the National Assembly.

The proposal could prove politically sensitive, as South Korean public opinion has shown resistance to sending military forces to the region.

For Seoul, the Strait of Hormuz carries major economic significance because a substantial share of the country’s energy supplies passes through the waterway. Any disruption could therefore have serious implications for South Korea’s fuel imports and wider economy.