Iran’s currency has lost between 60% and 70% of its value against the US dollar. One of the country’s largest banks collapsed last December. And now, nearly half a billion dollars in cryptocurrency tied to the Iranian government has been seized by the United States.
Currency In Free FallBessent disclosed the updated number during an appearance on Fox Business’s “Kudlow,” where he laid out the scale of a campaign that has been targeting Tehran’s finances on multiple fronts.
“We are freezing bank accounts everywhere,” Bessent said. “More importantly, we are making people less willing to deal with the regime.” He added that retirement funds and overseas real estate belonging to Tehran officials are also being targeted.
The gap between the two figures — $344 million and $500 million — has not been explained. No response was received from the US Treasury or Tether regarding the discrepancy at the time of publication.
Treasury’s Office of Foreign Assets Control is sanctioning multiple wallets tied to Iran — resulting in the freeze of $344 million in…
Operation Economic FuryOn Tuesday alone, the Treasury Department’s Office of Foreign Assets Control sanctioned 35 entities and individuals connected to Iran’s shadow banking network.
Separately, a Chinese oil refinery and around 40 shipping companies were targeted for moving Iranian crude oil to buyers in China and elsewhere in violation of sanctions.
Fourteen additional individuals and entities were sanctioned for sourcing components used in Shahed-series attack drones and ballistic missile propellants.
Strait Of Hormuz Enters The PictureReports emerged earlier this month that Iran was weighing a plan to charge ships Bitcoin tolls for passage through the Strait of Hormuz. Loaded vessels would be charged roughly $1 per barrel of oil. Empty tankers would pass freely.
According to reports, Iran had already collected revenue from such tolls, though the Iranian government has not publicly confirmed this.
Featured image from Trends Research & Advisory, chart from TradingView
