US sanctions campaign targets Iran’s banking, oil and crypto networks
US Treasury Secretary Scott Bessent said on Tuesday the department expanded sanctions targeting what it described as Iran’s “shadow” financial and trade networks, including banking channels, cryptocurrency access, oil shipping fleets and procurement operations.
The measures also target intermediary buyers of Iranian crude, including Chinese “teapot” refineries, which he said help sustain Tehran’s oil exports, Bessent posted on X.
"Kharg Island, Iran’s primary oil export terminal, is soon nearing storage capacity, which will force the regime to reduce oil production, resulting in an additional approximately $170 million per day in lost revenue, and causing permanent damage to Iran’s oil infrastructure. Treasury will continue to exert maximum pressure and any person, vessel, or entity facilitating illicit flows to Tehran risks exposure to US sanctions," he added.
