Also known as
Treasury, Treasury Department, U.S. Treasury, U.S. Treasury Department, United States Treasury, US Treasury
The U.S. Department of the Treasury is a federal executive department of the United States government. Known for administering economic sanctions, enforcing financial laws, and managing U.S. fiscal policy, including through its OFAC division targeting state sponsors of terrorism. Recently, Treasury has intensified sanctions campaigns against Iran, targeting oil networks, shadow fleets, crypto channels, and foreign banks facilitating Iranian transactions. Last updated 4 days ago
The U.S. Treasury has sanctioned an Iraqi bank used by Iran to access the international financial system and to fund its proxy militias. The action, part of Operation Economic Outcast, also covers offshore banks and shadow financiers that moved hundreds of millions of dollars through shell companies and foreign exchange networks across the Middle East and Asia.
The U.S. Treasury Department has fined Bank of America more than $1.21 billion for anti-money laundering and sanctions violations after the bank failed to timely report more than $5 billion in suspicious transactions, including activity linked to potential national security threats.
U.S. Treasury Secretary Scott Bessent, speaking on Fox and Friends, repeated President Trump's line that any agreement with Iran will likely wait until after the election.
On Tehran: the regime is the biggest loser of all. It moved to choke the Strait of Hormuz and push up diesel prices, and came away with nothing.
OFAC has sanctioned 17 more tankers in Iran's shadow fleet, covering 13 petroleum and 5 petrochemical designations tied to owners and managers across more than a dozen jurisdictions.
Treasury says the cargoes included crude, naphtha, LPG, ...
OFAC has sanctioned 17 more tankers in Iran's shadow fleet, covering 13 petroleum and 5 petrochemical designations tied to owners and managers across more than a dozen jurisdictions.
Treasury says the cargoes included crude, naphtha, LPG, fuel oil, bitumen, methanol and ammonia, sold into South and East Asian markets. The action "effectively neutralizes the vast majority" of the remaining fleet, though no count of surviving vessels was given.
Two container ships, HAKUNA MATATA and PINOCCHIO, were delisted after being sold to non sanctioned, U.S. aligned operators.
Iran's Mohsen Rezaei, in a message directed at U.S. Treasury Secretary Scott Bessent:
"You failed in the military war and you will fail in the economic war as well. The Strait of Hormuz will not be opened by threats or pressure. Iran will not retreat."
The U.S. Treasury sanctioned 10 individuals and entities in Iran, China, Hong Kong, Pakistan, Saudi Arabia and Turkey for procuring weapons and weapons components for Iran's Ministry of Defense and Armed Forces Logistics. The designations were made under Operation Economic Outcast and target networks supporting Iran's UAV, military aircraft and ballistic missile programs.
WSJ: Washington is pressing Iran's remaining trade partners to sever banking and aviation ties with Tehran.
Treasury official Jonathan Burke traveled across the Middle East and Europe, telling governments they must pick between trading wit...
WSJ: Washington is pressing Iran's remaining trade partners to sever banking and aviation ties with Tehran.
Treasury official Jonathan Burke traveled across the Middle East and Europe, telling governments they must pick between trading with Iran and maintaining their relationship with the United States.
Flight bans, banking restrictions and further isolation have already followed. Oman, the UAE and Türkiye are among the countries that moved against Iranian airlines and banks. U.S. officials contacted more than 50 governments.
"With Operation Economic Outcast, we are squeezing the Iranians like they've never seen. Today, 80-90% of external flights from Iran got shut down as the economic pressure continues to mount."
The U.S. Treasury has sanctioned Russia's VTB Bank under Iran sanctions authority E.O. 13902, part of Operation Economic Outcast.
Treasury says VTB opened offices in Iran, built correspondent ties with sanctioned Iranian banks, moved billions in frozen Iranian assets, and set up a rial-ruble settlement system to expand trade.
The new Iran designation raises secondary-sanctions exposure for any foreign bank dealing with VTB.
The U.S. Treasury has sanctioned Istanbul-based Golden Global Bank, accused of moving large sums China paid for Iranian oil and funneling the proceeds to the IRGC.
U.S. Treasury Secretary Scott Bessent: "We are going through an energy shock right now. Ukraine has decided that they want to blow up Russian energy assets. That is creating price pressure on a global basis."
U.S. Treasury Secretary Scott Bessent: Airlines, shipping and digital assets can all be hit under Iran sanctions. Malicious actors will be removed systematically.
U.S. Treasury Secretary Scott Bessent, to the Iranian regime leadership:
"I will say it on worldwide TV: we know where in the British Virgin Islands your accounts are, at these trust companies. We know the hundred million dollar houses you...
U.S. Treasury Secretary Scott Bessent, to the Iranian regime leadership:
"I will say it on worldwide TV: we know where in the British Virgin Islands your accounts are, at these trust companies. We know the hundred million dollar houses you have around the world. we are going to close all that down."
"We are going after the regime's assets they have stolen from the Iranian people."
Treasury promised to sever every economic lifeline Tehran has left and finally end the threat of the Iranian regime. We also warned that Iran’s enablers cannot continue to enjoy access to the U.S. dollar and the global financial system. Banque Misr UAE decided to find out the hard way, and today, we are taking the first step in holding it accountable for its continued, egregious support of the Iranian regime.
Office of Foreign Assets Control
Iran
