US Slams Brakes on Iran Oil Exports with Expanded Sanctions

The US Treasury Department has expanded its sanctions targeting Iran's oil sector, taking further aim at petroleum shipping magnate Mohammad Hossein Shamkhani's network. The move is part of the department's efforts to increase economic pressure on the Iranian regime after it resumed attacks in the Strait of Hormuz.

Treasury Secretary Scott Bessent announced that over $130 million held in digital wallets linked to Iran's central bank has been frozen. This action targets a sector that has seen increased activity since the start of the war, with cryptocurrency being used as a financial safe haven for civilians hit by soaring inflation.

The sanctions also charge that Shamkhani's network remains a key force behind Iran's oil exports and has expanded into global commodities trading. The Treasury Department has now imposed sanctions on over 200 individuals, entities, and vessels operating under Shamkhani's patronage.