The U.S. Treasury Department recently widened its sanctions regime against Iran, focusing on the petroleum shipping network led by Mohammad Hossein Shamkhani. Treasury Secretary Scott Bessent confirmed that officials also secured $130 million stored in digital wallets connected to the Central Bank of Iran, targeting financial channels that have become more active throughout the current conflict.
These measures follow four consecutive days of U.S. military strikes against Iran and the reintroduction of a naval blockade. Tensions have escalated in the Strait of Hormuz, where Iran has targeted vessels in response to maritime restrictions. According to the Treasury Department, these sanctions are intended to increase economic pressure on the Iranian government following its disruptive actions in the critical shipping waterway.
Authorities identified the Shamkhani network as a primary driver of Iranian oil exports, noting its recent expansion into international commodities trading. The latest executive action affects over 50 entities, individuals, and ships. Treasury officials stated they have now sanctioned more than 200 parties linked to Shamkhani, who is the son of former advisor Ali Shamkhani. Both men were killed during the initial stages of the conflict on February 28.
Secretary Bessent stated that the government remains committed to blocking Iran’s access to illicit income sources. Analysts observe that while cryptocurrency has functioned as a financial lifeline for Iranian civilians facing high inflation and long-standing international banking restrictions, it has also been utilized to bypass sanctions imposed on groups like the Revolutionary Guards.
