Treasury targets Iran shadow banking, crypto, oil

Treasury Secretary Scott Bessent announced a new wave of sanctions targeting Iran's international shadow banking infrastructure, access to cryptocurrency, shadow fleet operations, weapons procurement networks, funding for terrorist proxies, and Chinese 'teapot' refineries supporting Iran's oil trade. The measures have disrupted tens of billions of dollars in revenue. Bessent warned that Kharg Island, Iran's primary oil export terminal, is nearing storage capacity, which could force Tehran to reduce oil production by an additional $170 million per day and cause permanent damage to its oil infrastructure. He reiterated that any person, vessel, or entity facilitating illicit flows to Iran risks exposure to U.S. sanctions under President Trump's maximum pressure campaign, which has already doubled Iran's inflation and rapidly depreciated its currency.