ERBIL, Kurdistan Region - The United States on Wednesday announced new sanctions targeting foreign networks accused of supporting Iran’s military and weapons procurement programs, as part of its ongoing “Economic Fury” campaign aimed at intensifying financial pressure on Tehran.
The US Treasury Department’s Office of Foreign Assets Control (OFAC) announced that it had “sanctioned nine individuals and entities that have supported weapons procurement on behalf of Iran’s Islamic Revolutionary Guard Corps (IRGC) and Ministry of Defense and Armed Forces Logistics (MODAFL).”
The network spans China and Hong Kong and includes companies that allegedly "facilitated the procurement of weapons for the IRGC and MODAFL."
The scansions come amid diplomatic efforts to secure a permanent truce between the US and Iran following the six-week war that began in late February. While large-scale hostilities have eased, tensions persist through ongoing maritime confrontations in the Strait of Hormuz.
On Thursday, the US and Iran traded fresh military strikes, with Washington saying it targeted Iranian military infrastructure while Tehran claimed it had destroyed facilities and fighter jets at a US air base in Jordan.
“Through Economic Fury, the Treasury Department is disrupting the foreign procurement networks that support the Iranian military’s efforts to acquire weapons,” said US Treasury Secretary Scott Bessent.
He added that “Treasury has frozen the Iranian regime’s assets, severely disrupted its economy, and dismantled the Iranian war machine.” Bessent also said, “Treasury will not tolerate any support of the Iranian military.”
The US in mid-April launched the high-intensity Economic Fury campaign as the financial counterpart to Operation Epic Fury against Iran, aiming to isolate Tehran from the global financial system and cut off its remaining revenue streams.
As part of the effort, the US Treasury in mid-April announced it would not renew any sanctions waivers for Iranian crude oil, effectively criminalizing the purchase of Iranian oil, including stranded oil at sea. Washington also warned global banks - particularly in Europe, Asia, and the Gulf - that they will face secondary sanctions and be cut off from access to the US dollar if they facilitate transactions for Tehran.
The announcement comes amid continued regional tensions and US efforts to enforce what it describes as a maximum-pressure strategy against Tehran.
The US Central Command (CENTCOM) has separately reported ongoing maritime enforcement operations linked to Washington’s broader campaign to restrict Iranian trade and financial flows, including oil shipments.
The US and Israel in late February launched a large-scale aerial campaign against Iran, striking thousands of targets across the country over six weeks of hostilities, before the warring sides agreed to a Pakistan-mediated ceasefire on April 8, halting fighting to allow space for talks.
While the first round of talks concluded without a final agreement on April 11, a second round has yet to take place.
