The United States Treasury Department has frozen more than $344 million in cryptocurrency tied to Iran as part of a campaign to cut off Tehran’s access to global revenue streams, a Fox News report cited US officials as saying.
The move is said to be part of “Operation Economic Fury,” an expanding campaign of economic pressure targeting Iran’s oil exports, banking networks and sanctions evasion systems as part of the administration’s renewed “maximum pressure” strategy.
The Treasury Department is stepping up pressure on Iran
Citing a Treasury Department official, the news site said in recent days that the department has disrupted billions of dollars in planned Iranian oil revenue while also freezing hundreds of millions of crypto assets allegedly linked to the Iranian regime.
US Treasury Secretary Scott Bessent said Washington was trying to increase economic pressure on Tehran’s energy sector and financial infrastructure.
“Kharg Island, Iran’s primary oil export terminal, is soon approaching storage capacity, forcing the regime to cut oil production,” Bessent said in a statement to the news outlet.
He warned that the resulting bottleneck could significantly damage Iran’s economy.
“The resulting congestion will drain an additional $170 million a day in lost revenue and cause permanent damage to Iran’s oil infrastructure,” Bessent said.
The “Maximum Pressure” campaign is expanding
Bessent said the Treasury Department would continue to escalate economic restrictions on Iran and entities that help Tehran circumvent sanctions, according to the report.
“The Ministry of Finance will continue to exert maximum pressure,” he said. “Any person, vessel or entity that allows illicit flows to Tehran risks exposure to US sanctions.
According to Bessent, U.S. authorities specifically targeted Iran’s international shadow banking system, weapons procurement channels and the so-called “shadow fleet” of oil tankers allegedly used to conceal the origin of Iran’s oil supplies.
“These actions disrupted tens of billions of dollars in revenue that would have been used to finance terrorism,” he said.
The finance minister also said Washington was increasing scrutiny of independent Chinese “tea” refineries accused of processing Iranian oil despite sanctions.
Focus on cryptocurrencies and sanctions circumvention
Officials quoted by the news portal said the administration is increasingly focusing on Iran’s use of digital assets and alternative financial systems to move money globally outside of traditional banking supervision.
A senior administration official told the newspaper that the US is also expanding its investigations of foreign entities and financial institutions suspected of facilitating Iran’s trade and evading sanctions.
The administration has reportedly signaled that additional sanctions could target airlines, shipping companies and banks that continue to support Iran’s economy or oil trade.
The US shares intelligence with foreign governments
According to the report, the Treasury Department shared information with several governments, including China, Hong Kong, the United Arab Emirates and Oman, and identified banks allegedly involved in facilitating Iranian financial activities.
U.S. officials reportedly warned those governments that continued cooperation with Iran’s sanctions-avoidance networks could expose the institutions to secondary U.S. sanctions.
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