The U.S. Treasury Department announced on Thursday a fresh wave of sanctions aimed at choking off revenue for Iran’s armed forces. Secretary of the Treasury Scott Bessent said the measures target eight vessels and more than 15 companies across Asia and the Middle East, part of the broader "Operation Economic Fury" campaign.

Operation Economic Fury targets eight ships and 15 corporate entities

According to the Treasury’s statement, the new sanctions list includes eight merchant ships that have been identified as transporting Iranian crude or refined products. the list also covers over 15 firms operating out of Hong Kong, Singapore,Qatar, the Marshall Islands, China, India and the United Arab Emirates. By freezing assets and prohibiting U.S. persons from dealing with these parties, the United States hopes to curtail the cash flow that fuels Tehran’s missile and drone programs.

Sepehr Energy Jahan Nama Pars singled out as Iran’s military oil arm

The Treasury singled out Sepehr Energy Jahan Nama Pars Company,describing it as the oil‑sales arm of Iran’s Armed Forces General Staff. Bessent emphasized that the entity “acts as a front for the military’s oil trade,” making it a prime target for financial isolation. The designation means any U.S. dollar transactions involving the company are now prohibited, and any foreign banks that continue to process its payments could face secondary sanctions.

PGSA sanctions mark new IRGC front in the Strait of Hormuz

For the first time, the Persian Gulf Strait Authority (PGSA) was added to the sanctions roster. The PGSA, a recently created agency of the Islamic Revolutionary Guard Corps, has been accused of extorting vessels passing through the strategic Strait of Hormuz. Bessent warned that the agency’s activities “show Economic Fury’s impact, leaving Iran desperate for cash,” and signaled that any ship complying with PGSA demands could be penalized under U.S. law.

Unclear how secondary sanctions will be enforced on foreign firms

While the Treasury outlined the primary targets, it left many detalis about enforcement ambiguous. The statement hinted at “secondary sanctions for those complying with Iranian demands,” but did not specify which jurisdictions or financial institutions would be scrutinized. Analysts note that without clear guidance , firms in the listed countries may hesitate to disengage from Iranian oil trade, potentially limiting the sanctions’ immediate effectiveness.

Who will bear the cost of the new restrictions?

Open questions remain about the broader economic fallout. The sanctions could push Iran to seek alternative payment mechanisms, such as cryptocurrency or barter deals, complicating detection. Moreover, the impact on global oil markets, especially in the Gulf region, is still uncertain, as the targeted vessels represent only a fraction of total Iranian shipments.