WASHINGTON: The United States on Wednesday imposed a fresh round of Iran-related sanctions, targeting 10 entities and eight additional tankers over what it said were Tehran’s efforts to generate revenue through shipping activities in the Strait of Hormuz.
According to the US Treasury Department, six of the sanctioned entities are based in China. The measures were announced as Washington intensified pressure on Iran following recent military developments in the Middle East.
The Treasury Department’s Office of Foreign Assets Control (OFAC) designated Persian Gulf Marine Insurance Co and HormuzSafe Marine Services Authority, alleging the firms played a central role in an Iranian scheme to collect digital assets and other payments from vessels transiting the Strait of Hormuz through insurance arrangements.
US Treasury Secretary Scott Bessent said Iran was seeking new sources of revenue amid severe economic challenges.
“With its economy in freefall and inflation in the triple digits, the regime is desperate for cash,” Bessent said.
“The United States will not allow Iran to hold global commerce hostage or use international shipping to finance the IRGC’s terrorism, aggression, and repression,” he added, referring to the Islamic Revolutionary Guard Corps (IRGC).
The sanctions come after President Donald Trump pledged additional pressure on Tehran following reports that US forces intercepted multiple Iranian ballistic missiles aimed at American military positions in the Middle East. Earlier on Wednesday, the United States and Saudi Arabia also carried out joint strikes against Iran-backed armed groups in Iraq.
Officials said the latest sanctions are part of a broader strategy combining economic pressure with military action to curb Iran’s regional influence and restrict its financial resources.
Jess Hoversen, a former OFAC official and now chief economist at digital platform bank Column, said the administration was using economic and military tools simultaneously.
“The Iran war demonstrates that this administration will use US economic and military power in concert,” she said.
Hoversen added that OFAC had accelerated action against maritime logistics, currency exchange networks and procurement channels linked to Iran, suggesting the approach could become a model for future conflicts.
Since the beginning of 2026, OFAC has sanctioned more than 100 vessels associated with Iran’s so-called shadow fleet, which Washington says has been used to maintain the country’s oil exports despite international sanctions.
