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The latest measures come amid heightened tensions between Washington and Tehran over Iran’s oil exports, regional influence and alleged support for armed proxy groups across the Middle East.
US Treasury Secretary Scott Bessent said the crackdown has disrupted billions in projected Iranian oil revenue and targeted shadow banking and tanker networks allegedly funding terrorism. REUTERS/Aaron Schwartz/File Photo(REUTERS)The United States Department of the Treasury has frozen more than $344 million in cryptocurrency tied to Iran as part of a campaign aimed at cutting off Tehran’s access to global revenue streams, according to a report by Fox News citing US officials.
The move is reportedly part of “Operation Economic Fury,” an expanding economic pressure campaign targeting Iran’s oil exports, banking networks and sanctions-evasion systems under the administration’s renewed “maximum pressure” strategy.
Treasury intensifies pressure on Iran
The news outlet citing a Treasury official said that the department has disrupted billions of dollars in projected Iranian oil revenue in recent days while also freezing hundreds of millions in crypto assets allegedly linked to the Iranian regime.
US Treasury Secretary Scott Bessent said Washington is seeking to tighten economic pressure on Tehran’s energy sector and financial infrastructure.
“Kharg Island, Iran’s primary oil export terminal, is soon nearing storage capacity, which will force the regime to reduce oil production,” Bessent said in a statement to the news outlet.
He warned that the resulting bottleneck could significantly damage Iran’s economy.
“The resulting logjam will drain an additional $170 million per day in lost revenue and cause permanent damage to Iran’s oil infrastructure,” Bessent was quoted as saying.
‘Maximum pressure’ campaign expands
Bessent, as per the news report, said the Treasury Department would continue escalating economic restrictions against Iran and entities helping Tehran bypass sanctions.
“Treasury will continue to exert maximum pressure,” he said. “Any person, vessel, or entity facilitating illicit flows to Tehran risks exposure to U.S. sanctions.”
According to Bessent, US authorities have specifically targeted Iran’s international shadow banking system, weapons procurement channels and the so-called “shadow fleet” of oil tankers allegedly used to conceal the origins of Iranian crude shipments.
“These actions have disrupted tens of billions of dollars in revenue that would be used to fund terrorism,” he said.
The Treasury secretary also said Washington is increasing scrutiny on independent Chinese “teapot” refineries accused of processing Iranian oil despite sanctions.
Focus on crypto and sanctions evasion
Officials cited by news outlet said the administration is increasingly focused on Iran’s use of digital assets and alternative financial systems to move money globally outside traditional banking oversight.
A senior administration official told the outlet that the US is also broadening its investigation into foreign entities and financial institutions suspected of facilitating Iranian trade and sanctions evasion.
The administration has reportedly signaled that additional sanctions could target airlines, shipping companies and banks that continue supporting Iran’s economy or oil trade.
US shares intelligence with foreign governments
According to the report, the Treasury Department has shared information with several governments, including China, Hong Kong, United Arab Emirates and Oman, identifying banks allegedly involved in enabling Iranian financial activity.
US officials reportedly warned those governments that continued cooperation with Iranian sanctions-evasion networks could expose institutions to secondary US sanctions.
English (US) ·