What is Operation Economic Fury and why is it targeting Iran?

Operation Economic Fury is the US Treasury Department's sanctions campaign designed to apply maximum economic pressure on Iran. The programme targets oil sales, weapons procurement networks, shadow banking systems and cryptocurrency channels that the US believes help fund the Iranian government and military.

What new sanctions did Treasury Secretary Scott Bessent announce?

The US Treasury sanctioned nine individuals and entities accused of helping Iran's military acquire weapons. The designations target people and companies in China and Hong Kong that US authorities say facilitated millions of dollars in procurement transactions.

Why are Chinese and Hong Kong companies involved in the latest Iran sanctions?

According to the US Treasury, several China- and Hong Kong-based firms acted as intermediaries in transactions linked to Iranian military procurement. US officials allege these companies helped Iran obtain materials, equipment or financial services that supported weapons purchases.

How does cryptocurrency fit into Iran's sanctions strategy?

US officials believe Iran has increasingly relied on cryptocurrency to move money internationally as traditional banking channels become restricted. Digital assets can provide alternative payment rails for cross-border transactions, including those tied to procurement and trade activities.

How much Iranian cryptocurrency has the US seized?

Treasury Secretary Scott Bessent said on May 29 that the US had seized about $1 billion in Iranian crypto assets under Operation Economic Fury. Earlier, Treasury also froze $344 million in cryptocurrency allegedly linked to the Iranian regime.

What role did Tether play in the Iranian crypto crackdown?

Tether said it froze funds across two Tron wallet addresses after receiving information from OFAC and US law enforcement. According to the report, the action involved what was described as the largest single crypto freeze connected to Iran's wartime economy.

Why does this matter for crypto investors?

The sanctions highlight how regulators are increasing scrutiny of blockchain transactions linked to sanctioned jurisdictions. For crypto investors, the development reinforces that stablecoin issuers, exchanges and blockchain networks remain subject to compliance and enforcement actions.

Image for illustrative purposes only. Not a real photo.

Bessent expands Iran sanctions as crypto seized

Written by Isaac FrancisPublished Jun 10, 2026, 11:45 PM

The US Treasury Department has expanded its Operation Economic Fury campaign against Iran by sanctioning nine individuals and entities accused of supporting the country’s military weapons procurement network.

The June 10 action targets people and companies based in China and Hong Kong that US authorities allege facilitated millions of dollars in transactions connected to Iranian weapons purchases.

“Through Economic Fury, the Treasury Department is disrupting the foreign procurement networks that support the Iranian military’s efforts to acquire weapons,”

Said Treasury Secretary, Scott Bessent.

The sanctions include Hong Kong-based Mustad Limited, its director Liu Boyu, two employees and Shanghai affiliate Mustad Shanghai International Trade, alongside other individuals and firms accused of supporting procurement activities for Iran’s military and defence ministry.

Hong Kong-based Domus Trading was separately sanctioned for allegedly operating within Iran’s clandestine banking network, while the State Department imposed parallel sanctions on two entities and two individuals in Iran and Belarus.

The latest measures come as Iran increasingly relies on cryptocurrency to move funds internationally amid restrictions on traditional financial channels, with digital assets becoming a key avenue for overseas transactions.

Treasury froze $344 million in cryptocurrency linked to the Iranian regime in April, while Bessent said on May 29 that US authorities had seized $1 billion in Iranian crypto assets as part of Operation Economic Fury, underscoring the growing role of digital assets in sanctions enforcement.