The United States has expanded its sanctions against Iran, targeting the country’s oil exports and cryptocurrency-related financial activities as part of efforts to increase economic pressure on Tehran.
The U.S. Treasury Department announced on Tuesday that the latest sanctions focus on the petroleum shipping network linked to Mohammad Hossein Shamkhani, describing it as a major channel for Iran’s oil exports and international commodities trade.
According to U.S. Treasury Secretary Scott Bessent, authorities also froze more than $130 million held in digital wallets allegedly connected to Iran’s central bank. He said the action is intended to disrupt Iran’s access to funds generated through what Washington describes as illicit revenue schemes.
The sanctions come amid escalating tensions in the Middle East, following several days of U.S. military strikes against Iran and the reimposition of a naval blockade. The situation has also seen renewed attacks on vessels in the Strait of Hormuz, one of the world’s most strategic oil shipping routes.
In a statement, the Treasury Department said the measures are part of its ongoing campaign to increase economic pressure on Iran after what it described as renewed destabilising activities in the Strait of Hormuz.
The latest sanctions affect more than 50 individuals, companies and vessels allegedly involved in facilitating Iranian oil exports. The department noted that it has now sanctioned over 200 individuals, entities and vessels associated with the Shamkhani network.
Mohammad Hossein Shamkhani was the son of senior Iranian security official Ali Shamkhani, an adviser to Supreme Leader Ayatollah Ali Khamenei. U.S. officials said both men were killed during the opening phase of the U.S.-Israeli military campaign against Iran in February.
Bessent stated that the Treasury Department will continue tracking financial flows linked to Iran, adding that multiple cryptocurrency wallets tied to the Central Bank of Iran had been sanctioned, leading to the freezing of more than $130 million in digital assets.
Analysts say cryptocurrencies have increasingly been used in Iran as an alternative financial system, helping businesses and individuals conduct international transactions despite longstanding U.S. and European sanctions. Digital assets have also provided a hedge against inflation and restrictions on Iran’s access to the global banking system.
The U.S. maintains that the expanded sanctions are aimed at limiting Iran’s ability to generate revenue from oil exports and other international financial activities amid the ongoing regional conflict.
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