Key Takeaways:
The Treasury Department's latest designations bring the financial campaign against Iran to 13 new targets spanning Turkey and the UAE.
The U.S. Treasury imposed sanctions on four individuals and nine entities linked to Iran on July 24, targeting networks in Turkey and the UAE as the administration widens its "Economic Fury" campaign.
"The Trump administration will relentlessly pursue terrorists, and those who finance them," Treasury Secretary Scott Bessent said in a statement. "Whether operating under the guise of charities, businesses, or underground financial networks, those who enable Iran will be exposed, sanctioned, and held accountable."
The designations include one firm based in Turkey and two based in the UAE, according to the Treasury. The action follows a separate round of sanctions on July 23 that targeted front organizations moving funds for the Muslim Brotherhood and Hamas, including UK-based Egyptian official Mahmoud al-Abyari and three other individuals and three entities, State Department Spokesman Tommy Pigott said.
The latest sanctions add to a strategy that has pushed oil above $100 a barrel and sent Iran's currency to a record low against the dollar, with inflation estimated at more than 180 percent, Bessent said. The Treasury is also tracing more than $100 million in properties linked to Iran's supreme leader, with plans to publicly disclose the assets and their addresses.
The July 24 designations are the latest in a series of escalating financial measures that have accompanied U.S. military operations against Iranian targets over the past 12 days. President Donald Trump said Thursday that Iranian money under U.S. control should be used to pay for any future damage to ships and cargo, warning of "major military punishment" if Houthi attacks on commercial vessels continue.
The Strait of Hormuz handles about 21 percent of global oil trade, and the conflict has disrupted maritime traffic through the waterway. The U.S. Central Command said it redirected 12 commercial vessels and disabled one to stop ships from entering or leaving Iranian ports since resuming a naval blockade nine days ago.
The Treasury's broader financial strategy includes tracing assets worldwide, freezing accounts, and restricting access to funding. Bessent said Chinese purchases of Iranian crude had fallen by roughly 40 percent in recent months, targeting a key revenue stream for Tehran. The administration has also warned financial institutions in China, Hong Kong, the UAE, and Oman that they could face secondary sanctions for handling Iranian money.
The last time the U.S. imposed sanctions of this scope against Iranian financial networks was in 2019, when the Trump administration designated the Islamic Revolutionary Guard Corps as a foreign terrorist organization, sending Brent crude up 2 percent within a week and widening credit default swaps on regional sovereign debt.
This article is for informational purposes only and does not constitute investment advice.
