The Treasury Department has locked down more than $344 million in cryptocurrency tied to Iran, stepping up a sweeping campaign to cut off the regime’s cash flow and hammer its economy, officials said.
The crackdown is part of what the administration calls Operation Economic Fury, a broader push to squeeze Tehran by choking off oil exports and targeting the financial networks that keep money moving. The effort falls under the White House’s wider “maximum pressure” strategy aimed squarely at Iran’s energy sector and revenue streams.
A Treasury official said the latest moves have already disrupted billions in expected oil revenue in just the past few days, on top of freezing hundreds of millions in crypto assets linked to the regime.
Treasury Secretary Scott Bessent warned that Iran’s main oil hub is approaching a critical tipping point as the financial pressure builds.
“Kharg Island, Iran’s primary oil export terminal, is soon nearing storage capacity, which will force the regime to reduce oil production,” he said.
He said the bottleneck could cost Iran roughly $170 million per day in lost revenue and inflict “permanent damage to Iran’s oil infrastructure.”
“Treasury will continue to exert maximum pressure,” he added. “Any person, vessel, or entity facilitating illicit flows to Tehran risks exposure to U.S. sanctions.”
Kharg Island in 2018 (Wiki Commons)
Bessent said officials have zeroed in on Iran’s so-called shadow economy, targeting underground banking systems, weapons procurement pipelines, and a covert “shadow fleet” of tankers used to disguise the origin of oil shipments.
“These actions have disrupted tens of billions of dollars in revenue that would be used to fund terrorism,” he said, adding that the U.S. is also focusing on independent Chinese “teapot” refineries that continue buying Iranian crude.
A senior administration official said scrutiny is also tightening on foreign banks and financial institutions accused of helping Iran skirt sanctions.
Treasury has circulated intelligence to governments including China, Hong Kong, the United Arab Emirates and Oman, flagging banks allegedly tied to Iranian activity and warning that continued cooperation could trigger secondary sanctions.
Officials also pointed to smaller refineries in China’s Shandong Province as ongoing buyers of Iranian oil, raising the likelihood of additional enforcement actions in the near future.
The administration has made clear it is ready to widen the net, with potential sanctions targeting airlines, shipping networks, and financial institutions that continue to prop up Iran’s economy.
Officials said the campaign will continue after both traditional sanctions-evasion operations and the regime’s increasing reliance on digital assets to move money across borders.
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