Treasury freezes $344M in crypto as 'Operation Economic Fury' pushes Iran to industrial breaking point
The U.S. Treasury Department has frozen more than $344 million in cryptocurrency tied to Iran and is ramping up efforts to choke off the regime’s access to global revenue streams as part of an ongoing pressure campaign, officials said.
The actions are part of Operation Economic Fury, a broader campaign aimed at squeezing Iran’s economy by limiting its ability to sell oil abroad. The campaign is part of the administration’s broader "maximum pressure" strategy targeting Iran’s economy and oil exports.
A Treasury official said the department has disrupted billions of dollars in projected oil revenue in recent days while freezing hundreds of millions in crypto assets linked to the regime.
In a statement to FOX Business, Treasury Secretary Scott Bessent warned that Iran’s key oil export hub is nearing a breaking point, with mounting financial losses expected to escalate.
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"Kharg Island, Iran’s primary oil export terminal, is soon nearing storage capacity, which will force the regime to reduce oil production," he said.
He noted that the resulting logjam will drain an additional $170 million per day in lost revenue and cause "permanent damage to Iran’s oil infrastructure."
"Treasury will continue to exert maximum pressure," he added. "Any person, vessel, or entity facilitating illicit flows to Tehran risks exposure to U.S. sanctions."
Officials say the pressure campaign is aimed at cutting off funding streams tied to terrorism and destabilizing activity in the region.
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Bessent said the Treasury has specifically targeted Iran’s international shadow banking infrastructure, weapons procurement networks, and the "shadow fleet" of tankers used to hide oil origins.
"These actions have disrupted tens of billions of dollars in revenue that would be used to fund terrorism," he said, adding that the U.S. is also zeroing in on independent Chinese "teapot" refineries that support the trade.
A senior administration official said the U.S. is also increasing scrutiny on foreign entities and financial institutions accused of facilitating Iran’s illicit trade.
Treasury has shared information with governments, including China, Hong Kong, the United Arab Emirates and Oman, identifying banks that have allegedly enabled Iranian activity and warning that continued cooperation could trigger secondary sanctions.
Officials also flagged independent "teapot" refineries in China, particularly in Shandong Province, as ongoing buyers of Iranian crude oil, raising the risk of further enforcement actions.
The administration has signaled it is prepared to expand sanctions to airlines, shipping networks and financial institutions that continue to support Iran’s economy.
Officials say the campaign will continue targeting both traditional sanctions evasion networks and the growing use of digital assets to move funds globally.