US treasury announces new sanctions targeting Iran-linked cryptocurrency networks

The US Department of the Treasury on Friday announced new sanctions targeting financial networks linked to Iran, including digital asset wallets.

The department's Office of Foreign Assets Control (OFAC) "is sanctioning multiple wallets tied to Iran — resulting in the freeze of $344 million in cryptocurrency," Treasury Secretary Scott Bessent said on US social media company X.

"We will follow the money that Tehran is desperately attempting to move outside of the country and target all financial lifelines tied to the regime," Bessent added.

Earlier, the department announced that it imposed Iran-related sanctions and issued a general license authorizing the wind down of deals involving Chinese company Hengli Petrochemical (Dalian) Refinery Co.

State Department spokesman Tommy Pigott said the measures are part of a broader effort to curb what Washington describes as Iran’s illicit oil trade.

Pigott's statement came after the Treasury imposed sanctions on a major, independent Chinese refinery and nearly 40 other targets.

"This action cuts revenue streams that fund the regime's destabilizing activities across the Middle East. The Administration's maximum pressure campaign will hold Tehran accountable for its regional aggression and threats to American interests," he added.