The Trump administration has tightened the financial noose on Iran with fresh sanctions, even as a fragile ceasefire holds in the wake of recent conflict.
On Friday, May 1, Treasury Secretary Scott Bessent announced new measures as part of Operation Economic Fury.
The U.S. targeted three Iranian foreign currency exchange houses and several front companies tied to them.
These networks handle billions of dollars each year, mainly converting oil sales paid in Chinese yuan into money the Iranian military and its proxies can actually spend.
“Iran is the head of the snake for global terrorism,” Bessent said in a statement. “Under President Trump’s leadership, Treasury is moving aggressively to sever the Iranian military’s financial lifelines.”
The sanctions come at a delicate moment as the United States and Iran have been observing an extended ceasefire since early April, following weeks of direct confrontation that began in late February.
Pakistan helped broker the initial two-week truce, which Trump later extended without a firm end date to allow time for talks.
The naval blockade remains in place, and both sides have accused each other of violations, but major fighting has paused for now.
This latest economic move shows the administration is not letting up on pressure. Since February 2025, the Treasury’s Office of Foreign Assets Control has sanctioned around 1,000 Iran-linked targets as part of the same campaign.
Officials say the goal is to make it much harder for Tehran to fund the Revolutionary Guard Corps and groups like Hezbollah and the Houthis.
Tehran sells most of its oil to buyers who pay in yuan because of existing Western sanctions. The exchange houses then swap that money into euros, dollars, or other usable currencies.
By hitting these middlemen, the U.S. aims to choke off cash flow to Iran’s armed forces and regional allies.
The current conflict has already hurt Iran’s economy a lot, especially since the U.S. put a blockade near the Strait of Hormuz, which has kept ships from leaving or docking at Iranian ports.
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The value of its currency has fallen to new lows, and oil exports are being halted. Administration officials argue that economic pain, combined with military setbacks, could force Tehran to make real concessions in any talks.
Bessent stated that the U.S. will continue to hunt sanctions evaders wherever they operate. “We will relentlessly target the regime’s ability to generate, move, and repatriate funds,” he said.
For now, the ceasefire continues under tense conditions. Indirect talks have taken place, but no major breakthrough has emerged. Trump has said he wants a lasting agreement, but has shown no sign of easing the economic campaign.
Trump says Iran is ready to make a deal
This Friday, Trump told reporters that Tehran is keen to strike a deal, but he is not convinced by what is being presented at the negotiating table. Trump wants Iran to drop its nuclear mission.
The Trump team has been mixing military action with continuous financial pressure to force Iran into a deal, but Tehran has yet to give in to U.S. demands.
During the active fighting phase, U.S. and Israeli strikes damaged Iranian military sites and nuclear energy infrastructure. Now, with guns mostly silent, the focus has shifted back to the wallet. President Trump has repeatedly maintained that the U.S. has all the cards and the upper hand in the negotiation.
The three targeted exchange houses were not named in public statements, but Treasury documents list them along with linked fronts.
Officials claim the networks directly support Iran’s military budget and proxy operations across the Middle East.
