The United States imposed a new round of sanctions on Friday, targeting a network of individuals and entities it accuses of channelling funds to Iran’s new Supreme Leader, Mojtaba Khamenei, and the Islamic Revolutionary Guard Corps (IRGC). The measures, announced by the Treasury Department, follow a week of renewed military confrontation: Iran struck three commercial tankers in the Strait of Hormuz, the US responded with strikes on more than 170 Iranian military sites, and Tehran retaliated against American bases in Gulf states. The sanctions list Ali Ansari, a Dubai-based Iranian banker and businessman, along with 13 other individuals and entities, including three Iranian exchange houses and front companies in Hong Kong and the United Arab Emirates.

According to the US Treasury, Ansari “institutionalised large-scale embezzlement” by diverting publicly funded wealth into an overseas portfolio of real estate and commercial holdings, enriching himself, regime elites, and the IRGC. The department alleges that many of these assets, held through a St. Kitts and Nevis-based holding company, Smart Global Limited, ultimately benefit Khamenei and his family. Ansari had previously been sanctioned by the United Kingdom for financially supporting IRGC activities and was the owner of Ayandeh Bank, a sanctioned institution that Iran’s government ordered closed in October 2025. The Treasury also targeted exchange houses that it says move billions of dollars annually on behalf of already-sanctioned Iranian banks, using layers of shell companies to obscure the transactions.

Treasury Secretary Scott Bessent stated that the US would “continue using every tool at its disposal to isolate him and other regime elites from the global financial system” and would “preserve these assets for the Iranian people.” A State Department spokesperson described the action as “decisive” in severing financial lifelines. Viewed from Washington, the sanctions are part of a broader campaign to deny Iran access to foreign currency and disrupt its international financial activity, following the collapse of a short-lived memorandum of understanding that had allowed limited oil sales in exchange for a halt to attacks on shipping.

The escalation has drawn varied interpretations. Analysts in the United States and the Gulf region note that the Trump administration appears to be shifting from a policy of calibrated reciprocity to one of “punishment-based deterrence,” with President Trump warning of responses “20 to 1” against any future Iranian attacks. Some observers in the Middle East argue that Washington never genuinely believed in a negotiated path and used the earlier talks as a tactical pause to weaken Iran’s position. Iranian negotiator Mohammad Baqer Qalibaf, meanwhile, declared that Tehran is prepared for “total defence” and that the war would not end with Iran’s surrender.

The immediate future remains uncertain. The US has revoked the general license that permitted Iranian oil sales, conducted extensive airstrikes, and now tightened the financial noose. Trump acknowledged that the ceasefire is “over” but said talks continue at Iran’s request. With no clear diplomatic framework in place and both sides signalling readiness for further confrontation, the Strait of Hormuz—a chokepoint for roughly 20 per cent of global oil trade—remains a flashpoint. The Treasury has set a wind-down period until July 17 for active transactions, while military planners in Washington and the region assess the next steps.