Washington Expands Sanctions on Iranian "Shadow Banks," Threatens Penalties Against Shipping Firms

The US Department of the Treasury announced today, Friday (May 1, 2026), an expansion of its sanctions to cover nearly 35 individuals and entities suspected of managing secret financial networks operating on behalf of the Iranian regime. The Treasury clarified that these networks funnel billions of dollars from illicit oil and commodity trade to finance the Revolutionary Guard and Iranian armed forces, as part of a campaign dubbed "Economic Fury." In a related context, the Treasury issued a sharp warning to commercial ship owners and operators against paying any transit fees or levies to Iran for navigation in the Strait of Hormuz, confirming that such payments will result in the immediate placement of violators on sanctions lists regardless of the type of currency used.