16th July 2026
By Anjali Kochhar
The US Treasury Department has frozen more than $130 million worth of cryptocurrency linked to Iran’s Central Bank as part of a broader effort to disrupt the country’s financial networks and curb the use of digital assets to evade international sanctions.
The action was announced by Treasury Secretary Scott Bessent, who said the Office of Foreign Assets Control (OFAC) had sanctioned several cryptocurrency wallets associated with the Central Bank of Iran (CBI). According to the Treasury, the move is designed to block Iran’s access to funds generated through what US officials describe as illicit financial activities.
In a statement shared on X, Bessent emphasized that the United States would continue targeting Iran’s financial infrastructure.
“We will continue to aggressively follow the money and deny the Iranian regime access to the proceeds of its illicit revenue schemes,” he wrote.
The latest action builds on previous efforts by US authorities to crack down on crypto transactions linked to sanctioned entities. In April, stablecoin issuer Tether worked with US law enforcement to freeze approximately $344 million in digital assets held across two cryptocurrency wallets. US officials alleged that those wallets were connected to Iranian state-backed actors, highlighting the growing role of blockchain analytics and stablecoin issuers in enforcing sanctions.
The cryptocurrency freeze is part of a much larger sanctions package announced by the Treasury Department. Alongside the wallet sanctions, OFAC designated more than 50 individuals, companies, and vessels believed to be part of a shipping and oil export network controlled by Mohammad Hossein Shamkhani.
US officials describe the Shamkhani network as one of Iran’s most significant channels for generating revenue through oil exports. Treasury said the network has helped move billions of dollars while using complex ownership structures, shell companies, and deceptive shipping practices to bypass international restrictions.
Bessent described the network as one of the Iranian regime’s most profitable financial operations, stating that it relies heavily on deception to sustain government revenue. The sanctions were imposed under Executive Order 13902, which authorizes measures targeting key sectors of Iran’s economy.
According to the Treasury, more than 200 individuals and entities connected to the Shamkhani network have now been sanctioned.
The financial measures coincided with increased military pressure in the region. The US Central Command (CENTCOM) announced the resumption of a naval blockade around Iranian ports while deploying more than 20 US Navy warships and hundreds of aircraft across the Middle East.
US officials said the coordinated financial sanctions and military operations are intended to increase pressure on Iran by restricting both its economic resources and its operational capabilities.
