U.S. Cracks Down on Iran’s Crypto and Oil Revenues

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The U.S. Treasury said it has disrupted tens of billions of dollars tied to Iran’s financial and oil networks, including access to crypto infrastructure. Treasury Secretary Scott Bessent outlined a sweeping crackdown targeting shadow banking, shipping, and energy flows linked to Tehran. The update signals continued escalation in economic pressure with potential spillover into crypto-linked transactions.

Treasury expands crackdown to crypto access

As it happens, Scott Bessent said in an X post on April 29 that the campaign, described as part of a broader “Economic Fury” effort, is targeting Iran’s international shadow banking system alongside its access to crypto rails and illicit procurement networks.

According to the statement, the actions also focus on Iran’s so-called shadow fleet used for oil exports and independent Chinese “teapot” refineries that process Iranian crude. These combined measures are designed to restrict revenue streams tied to sanctioned activity.

Treasury claims the disruption has already impacted tens of billions of dollars that could otherwise fund regional proxy groups and other operations.

Oil pressure builds as sanctions tighten

The department also pointed to mounting pressure on Iran’s energy sector, particularly at Kharg Island, the country’s primary oil export terminal. Officials say storage levels are nearing capacity, which could force production cuts and lead to an estimated $170 million in daily lost revenue.

The broader strategy remains tied to the White House’s maximum pressure campaign, which the Treasury says has contributed to rising inflation and currency depreciation inside Iran.

Officials warned that any individuals or entities facilitating these flows, including through crypto channels, could face US sanctions, reinforcing the expanding regulatory scrutiny around digital asset use in cross-border finance.