Overview
- Treasury and OFAC on Tuesday sanctioned 35 entities and individuals accused of running a shadow banking network that moved tens of billions of dollars for Iran’s military and proxies.
- Financial institutions were told to steer clear of transactions linked to Chinese “teapot” refineries that refine Iranian crude, with OFAC urging enhanced due diligence and warning of secondary sanctions risk.
- OFAC also cautioned lenders that any payments to Iran or the IRGC for passage through the Strait of Hormuz would expose them to significant penalties, closing off so‑called “toll” arrangements.
- Treasury Secretary Scott Bessent on Monday warned fuelers, maintenance firms, and ground handlers that servicing sanctioned Iranian airlines could trigger U.S. sanctions.
- Officials said the campaign, reported as “Economic Fury,” includes freezing more than $344 million in cryptocurrency tied to Iran and signals readiness to target foreign facilitators as talks with Tehran stall under a fragile ceasefire.