The United States on Tuesday expanded sanctions targeting Iran's oil sector, taking further aim at the network of petroleum shipping magnate Mohammad Hossein Shamkhani, the Treasury Department said.
Treasury Secretary Scott Bessent said the department had also frozen more than $130 million held in digital wallets linked to Iran's central bank, targeting a financial channel that has grown in importance since the outbreak of the war.
The move came as US forces carried out a fourth consecutive day of strikes against Iran and maintained a naval blockade, while Tehran continued attacks on shipping in the Strait of Hormuz, according to the International Maritime Organization.
Iran began disrupting shipping through the strategic waterway after US-Israeli attacks in February. Washington had earlier imposed a naval blockade on Iranian ports from mid-April to mid-June.
"This action is part of Treasury's ongoing efforts to ramp up economic pressure on the Iranian regime after it resumed destabilising attacks in the Strait of Hormuz," the Treasury Department said in a statement.
Sanctions target oil network
It said the Shamkhani network remains a key driver of Iran's oil exports and has expanded into global commodities trading.
The latest sanctions target more than 50 individuals, entities and vessels that Washington says helped Iran generate oil revenue.
The Treasury Department said it has now sanctioned more than 200 individuals, entities and vessels linked to Shamkhani's network.
Mohammad Hossein Shamkhani was the son of Ali Shamkhani, a senior security official and adviser to Iran's Supreme Leader Ali Khamenei.
Both were killed on February 28, the first day of the US-Israeli attacks that marked the start of the regional war.
Crypto wallets frozen
Bessent said the department had "sanctioned multiple wallets tied to the Central Bank of Iran, resulting in the freeze of over $130 million".
"We will continue to aggressively follow the money and deny the Iranian regime access to the proceeds of its illicit revenue schemes," he wrote on X.
Experts say digital asset platforms have been used both to circumvent sanctions imposed on Iran's Revolutionary Guard and as a financial lifeline for civilians affected by soaring inflation.
Iran has long been largely cut off from the global financial system because of US and European sanctions. Cryptocurrencies have provided some citizens and businesses with an alternative means of conducting international transactions.
