The United States has intensified economic pressure on Iran by expanding sanctions targeting the country’s oil industry and freezing approximately $130 million in digital assets allegedly linked to the Central Bank of Iran.
The latest sanctions were announced on Tuesday by the US Treasury Department as Washington continues to escalate financial measures alongside ongoing military operations against Tehran.
According to the Treasury Department, the new sanctions focus on the business network associated with Iranian petroleum shipping magnate Mohammad Hossein Shamkhani, whom US authorities accuse of facilitating large-scale Iranian oil exports and global commodities trading.
Treasury Secretary Scott Bessent disclosed that the department had also frozen more than $130 million held in digital wallets allegedly connected to Iran’s central bank, marking another significant blow to Tehran’s financial system.
The sanctions come after US forces conducted a fourth consecutive day of military strikes against Iran and reinstated a naval blockade, while Iran reportedly retaliated by attacking vessels operating in the Strait of Hormuz, according to the International Maritime Organization.
Iran had previously begun restricting access through the strategic Strait of Hormuz following joint US-Israeli military operations launched in February. In response, Washington imposed an initial blockade on Iranian ports between mid-April and mid-June.
Announcing the latest measures, the Treasury Department said the action formed part of broader efforts to increase economic pressure on Iran following renewed attacks on commercial shipping in the Gulf.
“This action is part of Treasury’s ongoing efforts to ramp up economic pressure on the Iranian regime after it resumed destabilizing attacks in the Strait of Hormuz,” the Treasury Department said in a notice Tuesday.
US authorities alleged that the Shamkhani network remains one of the principal channels through which Iran generates revenue from crude oil exports despite years of international sanctions.
The department also claimed that the network has diversified into international commodities trading, further strengthening its financial influence.
The latest sanctions target more than 50 individuals, corporate entities and vessels allegedly involved in supporting the network’s operations and enabling Iranian authorities to generate revenue.
According to the Treasury Department, Washington has now sanctioned more than 200 individuals, organisations and ships believed to be operating under the patronage of the Shamkhani network.
Mohammad Hossein Shamkhani is the son of Ali Shamkhani, a senior Iranian security official and adviser to Supreme Leader Ayatollah Ali Khamenei.
Both Mohammad Hossein Shamkhani and his father were reported killed on February 28, the opening day of joint US-Israeli military strikes that marked the beginning of the current Middle East conflict.
Providing further details on the financial measures, Bessent said the sanctions extended beyond the oil trade to include cryptocurrency assets linked to Iranian authorities.
He explained that multiple digital wallets associated with Iran’s central bank had been sanctioned, leading to the freezing of assets valued at more than $130 million.
“We will continue to aggressively follow the money and deny the Iranian regime access to the proceeds of its illicit revenue schemes,” he said in a post on X.
Financial analysts have noted that digital assets have become increasingly important to Iran in recent years as the country sought alternative channels to bypass long-standing Western sanctions.
Experts say cryptocurrency platforms have been used to evade restrictions imposed on Iran’s Revolutionary Guards while also providing ordinary citizens with a means of protecting savings against inflation and maintaining access to international transactions.
Iran has remained largely excluded from the global financial system for years due to sanctions imposed by the United States and several European countries over its nuclear programme, regional activities and other disputes.
The restrictions have significantly limited the country’s access to conventional international banking services, making digital currencies an increasingly important financial tool for businesses and individuals seeking to conduct cross-border transactions.
