“The IRGC relies on front companies in permissive economic jurisdictions to conceal its role in oil sales and funnel the revenue back to the Iranian regime,” the Treasury Department said in a statement.

The department alleged that instead of using the revenue to support the struggling Iranian people, Tehran directs the funds toward weapons development, backing terrorist proxies, and financing security forces that suppress civil freedoms.

“As Iran’s military desperately tries to regroup, Economic Fury will continue to deprive the regime of funding for its weapons programs, terrorist proxies, and nuclear ambitions,” said Treasury Secretary Scott Bessent.

“Treasury will continue to cut the Iranian regime off from the financial networks it uses to carry out terrorist acts and destabilise the global economy,” he added.

The Treasury Department said it remains committed to maintaining maximum pressure on Iran by targeting the regime’s ability to generate, move, and repatriate funds.

It added that “Economic Fury” has already disrupted billions of dollars in projected oil revenue, led to the freezing of nearly $500 million in regime-linked cryptocurrency assets, and cracked down on Tehran’s shadow banking networks.

The department also sanctioned a corrupt Iraqi official accused of facilitating oil sales alongside Iran-backed militias operating in Iraq.

Treasury officials said they will aggressively target both traditional sanctions-evasion schemes and the use of digital assets to circumvent restrictions, while continuing efforts to freeze funds allegedly stolen from the Iranian people.

It also warned that action could be taken against any foreign company supporting illicit Iranian commerce, including airlines. Secondary sanctions could also be imposed on foreign financial institutions that facilitate Iran’s activities, including those linked to China’s independent “teapot” oil refineries.

Strait of Hormuz crisis deepens global energy concerns
The Strait of Hormuz, a critical maritime chokepoint for global oil shipments from the Middle East, has become a major flashpoint amid the ongoing conflict.

According to reports, the key shipping route has remained disrupted for the past two months following the escalation triggered by the February 28 strikes on Iran by U.S.-Israeli forces. The blockade has pushed global oil prices sharply higher, intensifying economic uncertainty worldwide.

The spike in oil prices has also raised the cost of essential commodities, adding to inflationary pressures across multiple economies.

Trump set to visit China

Meanwhile, U.S. President Donald Trump is set to visit China later this week.

Confirming the visit, Chinese Foreign Ministry spokesperson Guo Jiakun said: “At the invitation of President Xi Jinping, President Donald Trump will pay a state visit to China later this week. The two presidents will once again meet in person following their Busan meeting last October.”

“This will be the first visit to China by a U.S. president in nearly nine years. President Xi will hold in-depth exchanges of views with President Trump on major issues concerning China-U.S. relations, as well as world peace and development,” he added.