US Expands Sanctions on Iran, Targets Banking, Oil and Crypto Networks

US Treasury Secretary Scott Bessent

WASHINGTON, April 29: The United States has intensified its economic pressure on Iran by expanding sanctions to target what officials describe as Tehran’s “shadow” financial and trade networks, including banking channels, cryptocurrency access, oil shipments and procurement operations.

US Treasury Secretary Scott Bessent said the new measures are aimed at disrupting key revenue streams that support Iran’s economy and regional activities. The sanctions also extend to intermediary buyers of Iranian crude, including smaller independent Chinese refineries—often referred to as “teapot” refineries—that help sustain Iran’s oil exports.

In a statement posted on X, Bessent warned that Kharg Island—Iran’s main oil export hub—is nearing its storage capacity. He said this could force Tehran to cut production, potentially leading to an estimated $170 million per day in lost revenue and causing long-term damage to the country’s oil infrastructure.

The Treasury emphasized it will continue applying “maximum pressure,” cautioning that any individual, vessel or entity involved in facilitating illicit financial or oil flows to Iran risks being targeted by US sanctions.

The move marks a further escalation in Washington’s efforts to curb Iran’s financial networks and limit its ability to generate income through global markets.