Michael Hernandez
14 April 2026•Update: 15 April 2026
The US Treasury Department issued a sweeping warning to all financial institutions on Tuesday, saying it is ready to apply secondary sanctions on any entity it determines to be working in support of Iranian activities.
The Treasury said it is "moving aggressively with economic fury" to maintain what it called "maximum pressure on Iran" amid a deadlock in direct negotiations.
"Financial institutions should be on notice that the department is leveraging the full range of available tools and authorities and is prepared to deploy secondary sanctions against foreign financial institutions that continue to support Iran’s activities," it said on X.
"The short-term authorization permitting the sale of Iranian oil already stranded at sea is set to expire in a few days and will not be renewed," it added.
The department was referring to a short-term 30-day waiver it issued on March 20 to allow for the sale of Iranian oil that was already at sea, estimated to have been roughly 140 million barrels. The action was taken to mitigate the spike in global energy prices caused by the US and Israeli decision to go to war with Iran.
The war, and Iran's retaliatory decisions to close the Strait of Hormuz and target energy infrastructure on the territories of the US' Gulf Arab allies, sent energy prices skyrocketing, particularly oil. The waiver is set to expire on April 19.
Marathon direct talks between the US and Iran concluded Saturday, without the two sides agreeing on terms to permanently end the war. US President Donald Trump said earlier Tuesday that he expects the talks to resume in Pakistan within the next two days, though no formal announcement has been made.
