Treasury imposes additional sanctions on Mohammad Hossein Shamkhani, key figure in Iran's oil exports

The United States announced new sanctions against Iran's oil sector amid an escalation of the war in the Middle East.

Specifically, the Treasury Department reported that this new package of sanctions was imposed, among others, against Iranian oil magnate Mohammad Hossein Shamkhani, whose $130 million in digital wallets linked to Iran's central bank has been frozen.

The indictment alleges that the Shamkhani network remains a key force behind Iran's oil exports and that it has expanded into the global commodities trade.

"The Iranian regime survives on deception, and the Shamkhani network is one of its most profitable engines," said Treasury Secretary Scott Bessent. "Treasury is shutting down the financial infrastructure that allows the regime to continue its threats to U.S. national security and global shipping."

Sanctions were also imposed on more than 200 individuals, entities and vessels linked to the Shamkhani network.

Shamkhani is the son of security official Ali Shamkhani, who was an advisor to former Iranian Supreme Leader Ali Khamenei.