The US Treasury has intensified its sanctions campaign against Iran, with Secretary Scott Bessent warning that institutions engaging Tehran’s financial networks face “severe consequences.” Earlier today, the Office of Foreign Assets Control designated 35 entities and individuals under Executive Orders 13902 and 13224, expanding efforts to disrupt funding channels tied to Iran’s armed forces.
According to the Treasury, several “rahbar” facilitator companies linked to major Iranian banks played central roles. These include networks connected to Shahr Bank, Bank Melli, Bank Sepah, and Bank Mellat. Meanwhile, UK-based Shuqun LTD allegedly transferred more than $70 million for Iranian crude on behalf of the National Iranian Oil Company through 2024. Fratello Carbone Trading Limited reportedly moved over $20 million in similar transactions.
The action follows earlier April measures targeting Iran’s shadow fleet. Since February 2025, total designations under the Economic Fury campaign have surpassed 1,000 individuals, vessels, and aircraft.
However, analysts note the strategy extends beyond Tehran itself. Instead, Washington appears to target the broader financial system handling Iranian oil transactions. As a result, global banks and intermediaries now face increasing compliance risks when dealing with such flows.
Iran, meanwhile, continues exporting between 1.5 and 1.6 million barrels per day to China. Despite mounting sanctions, trade persists. Yet the structure is shifting. As dollar-based channels close, counterparties increasingly turn to alternative currencies or mechanisms.
Recent reports indicate transactions and transit fees in the Strait of Hormuz now occur in yuan or digital assets. Consequently, the measures may accelerate a gradual move away from dollar-based energy trade.
