Bessent names digital assets among possible targets in Iran sanctions push

U.S. Treasury Secretary Scott Bessent has said digital assets, airlines and the maritime industry could face new measures as the Trump administration prepares to increase economic pressure on Iran.

Reuters reported Wednesday that Bessent identified the three areas as possible targets while Washington considers further action against Tehran, with Iranian banks and companies involved in aircraft leasing potentially facing new restrictions as well.

The comments came as the administration seeks to cut Iran off from companies and countries that continue to provide economic support. Asked about Russia’s backing for Tehran during an interview with Fox News following this week’s G20 gathering in North Carolina, Bessent warned governments and businesses against maintaining ties with Iran.

“My message to everyone is stay away. We all want this conflict to end, and the fastest way for the conflict to end is for no one to provide any support to this regime,” Bessent told Fox & Friends.

The warning followed Russian President Vladimir Putin’s expression of support for Iran a day earlier. Bessent did not limit the administration’s message to Moscow, saying U.S. officials were speaking with parties that continued to support Tehran.

“We are having very fulsome talks with anyone supporting the regime,” he said.

Digital assets could face further Iran sanctions

Bessent did not identify particular cryptocurrencies, exchanges, wallets or other digital asset businesses that could be targeted in the next round of measures.

Washington, however, has already expanded its authority to pursue Iran-linked cryptocurrency activity. On Aug. 24, the Treasury Department launched Operation Economic Outcast, covering digital assets alongside technology, gold, aviation, shipping and other financial channels used by Iran.

Under the measures, the Office of Foreign Assets Control was given authority to sanction people operating in Iran’s digital asset sector, including actors based outside the country. Treasury said at the time that Iran had used cryptocurrency to move funds connected to the government and the Islamic Revolutionary Guard Corps.

A subsequent sanctions package targeted nearly 60 entities, individuals and vessels across Iran-linked oil, nuclear, cyber and missile networks. Treasury accused Russian national Yuri Obukhov of processing more than $100 million in cryptocurrency linked to Iranian oil sales since 2023.

The department said Obukhov worked with an IRGC-linked network that converted proceeds from oil sales into digital assets. Foreign financial institutions facilitating significant transactions for sanctioned parties could face restrictions on their access to U.S. correspondent accounts under the measures.

Crypto.news previously reported in June that Treasury had sanctioned four Iranian exchanges, including Nobitex, Wallex, Bitpin and Ramzinex, as part of an earlier enforcement campaign. Nobitex CEO Seyed Ali Khoee and chairman Amir Hossein Rad were included in the sanctions.

Treasury accused the exchanges of providing sanctioned Iranian entities with access to cryptocurrency markets. Blockchain analytics firm Chainalysis has estimated that Nobitex handles roughly half of Iran’s crypto trading activity.

U.S. has frozen Iran-linked crypto assets

Digital assets have become a recurring part of Washington’s financial actions against Tehran this year.

In July, U.S. authorities froze more than $130 million in cryptocurrency held in wallets linked to Iran’s central bank. Four Tron wallets holding roughly $131 million in USDT were frozen as part of the action.

Bessent said at the time that Treasury remained committed to disrupting Iran’s use of digital assets. The July action followed a much larger freeze in April involving wallets tied to the IRGC.

Tether froze $344 million in USDT across two Tron addresses at the direction of U.S. authorities after OFAC targeted the wallets. One held roughly $213 million in USDT, while the other contained approximately $131 million.

By late July, Bessent said the amount of cryptocurrency seized or frozen from Iranian sources since the conflict began was approaching $1 billion.

The enforcement campaign has extended beyond wallets and domestic Iranian trading platforms. Treasury has targeted intermediaries and companies that it says help Tehran move funds outside conventional banking channels.

Iran’s use of cryptocurrency has drawn particular attention from U.S. authorities because digital assets have been incorporated into several state-linked payment channels. Iranian military export arrangements have permitted settlement through digital currencies, while maritime transactions have come under scrutiny as Washington targets revenue connected to the Strait of Hormuz.

Maritime networks remain under Treasury scrutiny

In July, Treasury sanctioned two Iranian maritime firms after accusing them of supporting an IRGC-linked system used to collect revenue from vessels traveling through the Strait of Hormuz.

OFAC designated HormuzSafe Marine Services Authority and Persian Gulf Marine Insurance Company. Treasury alleged HormuzSafe accepted Bitcoin as part of a payment structure intended to bypass financial restrictions.

Eight shipping companies and eight vessels were targeted in the same action over alleged involvement in transporting Iranian petroleum.

Treasury did not publish Bitcoin wallet addresses, transaction hashes or cryptocurrency payment totals when announcing those designations.

Shipping has remained a major part of U.S. sanctions enforcement because Iranian oil exports depend on networks of vessels, insurers, intermediaries and overseas buyers. Bessent’s latest comments leave the maritime sector among the areas Washington could target again as the administration seeks to restrict Iran’s remaining international financial connections.

Airlines and Iranian banks could face new measures

Aircraft-related businesses have emerged as another possible focus of the next sanctions package.

Bessent said Tuesday that airline leasing companies could be targeted, potentially extending the administration’s actions to businesses involved in providing aircraft or related services to Iran.

More sanctions against Iranian banks could arrive this week, according to the Treasury secretary. He did not identify the financial institutions being considered or provide a timetable for the measures.

The administration’s warning now covers companies and governments dealing with Tehran as Washington seeks to deter third parties from providing economic support. Bessent’s remarks came after the G20 gathering in North Carolina and followed Putin’s public support for Iran.

While questioned specifically about Russia, Bessent framed the warning as applying to any party maintaining support for Tehran.

“My message to everyone is stay away,” he said.