U.S. expands sanctions on Iran's oil, crypto assets

The United States has broadened its economic sanctions against Iran, intensifying pressure on the nation's oil sector and its associated petroleum shipping networks. The Treasury Department announced it is further targeting the network of shipping tycoon Mohammad Hossein Shamkhani.

In addition to targeting Shamkhani's network, the U.S. Treasury also froze approximately $130 million (RM530 million) in digital assets held in wallets linked to Iran's central bank. This move comes as the U.S. continues its military actions against Iran, now in their fourth consecutive day, and reinstates maritime sanctions.

Iran has responded by attacking ships in the Strait of Hormuz, a critical waterway for global energy transit, according to the International Maritime Organization. Iran began blocking passage through the strait following joint U.S.-Israeli attacks in February.

The Treasury Department stated that these actions are part of an ongoing effort to "increase economic pressure on the Iranian regime" after it resumed destabilizing attacks in the Strait of Hormuz. The department claims Shamkhani's business network remains a key driver of Iran's oil export activities and has expanded into global commodity trading.

These latest sanctions target over 50 individuals, entities, and vessels accused of enabling Iranian authorities to gain financial profit. The Treasury Department noted that it has now sanctioned more than 200 individuals, entities, and vessels operating under Shamkhani's patronage and protection. Shamkhani is the son of security official Ali Shamkhani, an advisor to former Supreme Leader Ali Khamenei, both of whom were killed on February 28.