From Oil Export Blockade to Crypto Freeze... U.S. Tightens Iran's Financial Lifeline Ahead of Ceasefire Talks

Sanctions Imposed on Hengli Group, Iran's Largest Oil Importer in China

Sanctions Target 40 Shipping Companies and Vessels Operating "Shadow Fleets"

Cryptocurrency Assets Worth 509.3 Billion Won Also Frozen

The United States has begun tightening financial restrictions on Iran ahead of ceasefire negotiations, including blocking oil exports and freezing cryptocurrency accounts. This is interpreted as an attempt to pressure Iran to come to the negotiating table while maximizing U.S. demands.

Oil Tanker Passing Through the Strait of Hormuz Yonhap News

On the 24th (local time), the U.S. Department of the Treasury and the State Department announced sanctions against Hengli Group, a major Chinese oil refining conglomerate that imports oil from Iran. According to the Office of Foreign Assets Control (OFAC) under the Treasury Department, Hengli Group is the "largest customer," purchasing several billion dollars' worth of Iranian oil. The U.S. government believes that by buying oil subject to sanctions, Chinese refiners are providing economic support to Iran, including the Iranian military.

The Treasury Department also announced sanctions against approximately 40 shipping companies and vessels operating so-called "shadow fleets." The "shadow fleet" refers to a group of aging oil tankers that transport Iranian oil in order to evade U.S. sanctions. Companies and vessels included in the sanctions list will have their assets frozen in the United States and will be cut off from any financial benefits. Furthermore, any entities in which these companies or vessels hold a direct or indirect stake of 50% or more, as well as institutions that conduct transactions with the sanctioned entities, will also be subject to sanctions.

In an interview with the Associated Press, Treasury Secretary Scott Bessent stated that the U.S. will not renew the sanctions waiver that temporarily allows the purchase of Russian and Iranian oil. He emphasized, "We are blockading Iranian maritime routes, and no oil is coming out at all," adding, "Within two to three days, Iran will have to halt crude oil production."

The Treasury Department also announced the freezing of $344 million (approximately 509.3 billion won) worth of cryptocurrency linked to Iran. According to CNN, the freeze was carried out through Tether, the world's largest stablecoin issuer, based on information provided by the Treasury Department. Secretary Bessent stated on the social media platform X (formerly Twitter), "OFAC is sanctioning several cryptocurrency wallets linked to Iran," and added, "This will systematically undermine Tehran's ability to repatriate funds."

These measures are interpreted as the United States applying economic pressure ahead of renewed ceasefire negotiations with Iran. By blocking Iran's oil exports and cryptocurrency transfers, the U.S. aims to force Iran to accommodate its demands. Secretary Bessent referred to this move as an "Operation Economic Fury," stating, "By exerting financial pressure on the Iranian regime, this will help weaken its aggressiveness in the Middle East and curb its nuclear ambitions."

This content was produced with the assistance of AI translation services.