US Targets Iran's Oil and Cryptocurrency Sectors with Expanded Sanctions

The US Treasury Department has expanded its sanctions targeting Iran's oil sector and cryptocurrency activities.

Treasury Secretary Scott Bessent stated that the department had also frozen $130 million held in digital wallets linked to Iran's central bank, which is a significant blow to the country's ability to circumvent financial sanctions.

The move comes after US forces carried out strikes against Iran and reimposed a naval blockade. In response, Iran has targeted ships in the Strait of Hormuz, a key waterway for energy transit.

The Shamkhani network, led by Mohammad Hossein Shamkhani, is being targeted due to its involvement in global commodities trading and enabling Iranian authorities to reap profit from oil exports.