The Treasury Department has launched Operation “Economic Fury” against Iran, Defense Secretary Pete Hegseth said on Thursday, describing it as a move designed to escalate economic pressure on the Iranian government.
During a war press briefing, Hegseth urged Iran to “choose wisely”, warning that the U.S. military is prepared to continue combat if Tehran makes a “poor” choice.
Hegseth also highlighted that the blockade of Iranian ports and the Strait of Hormuz will be maintained “for as long as necessary.”
Treasury Targets Iran’s Illicit Networks
The U.S. Treasury is escalating pressure on Iran by targeting two illicit networks. The first is the Shamkhani network, a multi-billion-dollar Iranian-Russian petroleum empire tied to senior regime figures, Iranian oil shipping magnate Mohammad Hossein Shamkhani, building on OFAC’s largest-ever single designation under the maximum pressure campaign.
The second is a Hezbollah money laundering scheme, uncovered in a joint OFAC/HSI investigation, involving an Iranian national and three companies that traded Iranian oil for Venezuelan gold to finance Hezbollah and the IRGC-Qods Force. Treasury warns all financial institutions that secondary sanctions will be used against anyone supporting Iran’s terrorist activities.
Treasury warns all financial institutions that secondary sanctions will be used against anyone supporting Iran’s terrorist activities
This move comes in the wake of the U.S.’s decision not to renew waivers on sanctions for Iranian and Russian oil. The Trump administration has been exerting “maximum pressure” on Iran due to its nuclear program and support for militants in the Middle East.
Iran’s Economic Woes Intensify
Meanwhile, Reuters reported on Thursday that Iran has halted all petrochemical exports to prioritize domestic supply and prevent shortages of raw materials following disruptions caused by Israeli strikes on several petrochemical hubs, citing a report by Donya-e-Eqtesad. The directive was issued on April 13 by a senior National Petrochemical Company
According to Miad Maleki, an analyst with the Foundation for Defense of Democracies, the ongoing U.S. blockade of Iranian ports could significantly strain Iran’s economy, with estimates suggesting losses of about $435 million per day, including $276 million in missed oil and petrochemical exports, reported the Wall Street Journal on Wednesday. Analysts also warn that halted exports could quickly fill storage tanks, forcing production shut-ins that may damage oil fields and reduce long-term output.
Furthermore, the U.S. and Israel reportedly struck at least 17,000 targets during a five-week war, damaging infrastructure and military sites, with Iranian state media estimating $270 billion needed for reconstruction.
Furthermore, the U.S. and Israel reportedly struck at least 17,000 targets during a five-week war, damaging infrastructure and military sites, with Iranian state media estimating $270 billion needed for reconstruction.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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