US Imposes Strict Sanctions on Iran's Covert Banking Networks, Stern Warning to Shipping Fleets

The US Department of the Treasury announced today, Friday (May 1, 2026), the implementation of a new sanctions package targeting around 35 individuals and entities involved in managing Iran's so-called "shadow banking networks." The Treasury confirmed that the sanctions are part of Operation "Economic Fury" aimed at cutting off the financial arteries that supply the Revolutionary Guard and armed forces with billions of dollars through illicit oil and commodity trade. The Treasury issued a direct warning to global shipping companies that any fees paid to Tehran as passage levies in the Strait of Hormuz, in whatever form, will expose those dealing to severe financial sanctions. Treasury Secretary Scott Bessent stressed that Washington "will relentlessly continue to target the Iranian regime's ability to collect and move money through international channels."