US Expands Sanctions on Iran's Oil Sector, Freezes Digital Assets

The United States has intensified its economic pressure on Iran by broadening sanctions against the nation's vital oil sector. The latest measures, announced by the U.S. Treasury Department, target more than 50 individuals, companies, and ships allegedly involved in generating revenue for the Iranian government.

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Our department has frozen $130 million in assets held in several digital wallets connected to the Iranian central bank.

Central to the new sanctions is a network associated with Iranian oil magnate Mohammed Hossein Shamkhani. Washington accuses this network of playing a key role in Iran's oil exports, including channeling proceeds to Tehran's leadership through front companies, particularly for shipments to China. The Treasury Department also reported freezing $130 million in digital assets linked to Iran's central bank, held in various digital wallets.

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We will continue to consistently pursue financial flows and deny the Iranian regime access to the proceeds from its illegal revenue streams.

These actions are framed as part of a broader strategy to increase economic strain on the Iranian regime, especially following recent escalations in the Strait of Hormuz. The U.S. Treasury stated its commitment to pursuing financial flows and denying Iran access to illicit income sources. The sanctions come amid ongoing military actions, with the U.S. military conducting strikes in Iran and resuming a naval blockade of Iranian ports, while Iran has retaliated against targets in neighboring countries.

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The recent U.S. airstrikes were intended to further weaken Iranian capabilities used for attacks on commercial shipping in the Strait of Hormuz.