US Treasury Launches Financial Assault on Iran's Covert Networks, Threatens Hormuz Navigators

The US Department of the Treasury launched a new economic offensive today, Friday (May 1, 2026), by imposing sanctions on 35 individuals and entities accused of running "shadow banks" operating on behalf of the regime in Tehran. The Treasury clarified that these entities form secret conduits allowing billions of dollars from oil revenues and smuggled goods to be pumped into the coffers of the Revolutionary Guard and the Iranian military. In a move to cut off evasion routes, the Treasury issued a severe warning to the international maritime transport sector, confirming that any transit payments imposed by Iran at the Strait of Hormuz will be met with painful sanctions, regardless of the form these payments take. Treasury Secretary Scott Bessent affirmed that Washington "is proceeding nonstop to dry up Iranian funding sources."