WASHINGTON : The United States has announced new sanctions targeting cryptocurrency wallets and oil networks linked to Iran, as part of a broader campaign to choke off Tehran’s primary source of revenue.
According to reports, the ban on crypto wallets has resulted in the freezing of $344 million in Iranian cryptocurrency holdings.
US Treasury Secretary Scott Bessent announced that financial pressure on Iran will continue, stating that the “siege” against Iran’s financial resources will persist.
Media reports also claim that Iran has been collecting tolls from the strategic Strait of Hormuz in cryptocurrency, prompting the latest action.
In parallel, the US has imposed sanctions on a large oil refinery in China, as well as approximately 40 shipping companies and tankers engaged in business with Iran.
The move follows President Trump’s earlier threat to impose sanctions on any country or company doing business with Iran. Officials say these measures are part of a sustained effort to limit Iran’s oil exports — its main source of income.
