The Treasury Department has frozen more than $344 million in cryptocurrency tied to Iran and taken measures aimed at cutting off the regime’s access to global revenue streams. All this is part of an ongoing pressure campaign known as Economic Fury.
The Treasury Department’s Office of Foreign Assets Control, or OFAC, designated 35 entities and individuals that are part of Iran’s shadow banking network, facilitating the movement of the equivalent of tens of billions of dollars tied to sanctions evasion and Iran’s sponsorship of terrorism. These networks allow Iran’s armed forces, including the Islamic Revolutionary Guard Corps (IRGC), to access the international financial system to receive payment for illicit oil sales, purchase sensitive components for missiles and other weapons systems, and transfer money to Iran’s terrorist proxies.
“Iran’s shadow banking system serves as a critical financial lifeline for its armed forces, enabling activities that disrupt global trade and fuel violence across the Middle East,” said Secretary of the Treasury Scott Bessent.
These latest designations expose and disrupt the Iranian regime’s mechanisms for receiving payments for oil and other commodities, thereby increasing costs and reducing revenue for the regime’s destabilizing activities. They also expose individuals involved in facilitating the regime’s abuse of the international financial system.
These designations are in furtherance of President Donald Trump’s National Security Presidential Memorandum 2, which undergirds Treasury’s continued campaign of maximum economic pressure against Iran’s shadow banking, money laundering, and sanctions evasion networks. Since February 2025, OFAC has sanctioned approximately 1,000 Iran-related persons, vessels, and aircraft as part of this campaign.
In addition, OFAC issued a warning about the significant sanctions exposure related to making “toll” payments to the government of Iran or the IRGC for passage through the Strait of Hormuz. These payments create sanctions risk for U.S. and non-U.S. persons, including financial institutions.
“By dismantling these financial channels, we advance the Administration’s policy in the conflict with Iran and underscore our commitment to imposing maximum pressure on Iran,” said the State Department in a statement. “While the Iranian regime enriches corrupt elites, ordinary Iranians suffer under a deteriorating economy.”
“We will not relent in our efforts to deny Iran and its proxies the resources they use to threaten U.S. interests and regional stability,” the State Department added.
“Illicit funds funneled through this network [of shadow banks] support the regime’s ongoing terrorist operations, posing a direct threat to U.S. personnel, regional allies, and the global economy,” said Secretary Bessent. “Financial institutions are on notice: Any institution that facilitates or engages with these networks is at risk of severe consequences."