The United States government escalated its sanctions against Iran’s petroleum industry on Tuesday, specifically focusing on the shipping operations controlled by Mohammad Hossein Shamkhani. Treasury Secretary Scott Bessent announced the freezing of $130 million held in digital wallets connected to the Central Bank of Iran, targeting financial channels that have gained prominence during recent regional conflicts.
These measures follow four consecutive days of military strikes by the US against Iran and the re-establishment of a naval blockade. According to the International Maritime Organization, Iran responded by targeting vessels passing through the Strait of Hormuz, a critical energy transport route. This cycle of escalation began after joint US-Israel military operations in February.
Treasury officials stated the goal is to increase economic pressure on Tehran due to its disruptive actions in the Strait. The new sanctions affect more than 50 people, companies, and ships suspected of helping Iran profit from trade. This expands the total number of entities linked to the Shamkhani network—which is connected to Ali Shamkhani, an advisor to Supreme Leader Ali Khamenei—under US sanctions to over 200.
Secretary Bessent emphasized that the administration intends to continue tracking and blocking funds generated through illicit schemes. While cryptocurrency serves as a vital financial tool for Iranian citizens facing high inflation and international isolation, the US government maintains that such platforms are being used to bypass existing restrictions on the Revolutionary Guards.
