By Ginika Igboke
The United States imposed new sanctions on May 8 targeting 10 individuals and companies across the Middle East, China, and Eastern Europe accused of helping Iran acquire weapons materials and develop drones and ballistic missile systems.
The sanctions, announced by the U.S. Department of the Treasury, come amid ongoing tensions surrounding a fragile ceasefire with Iran and only days before Donald Trump is expected to travel to China for talks with Chinese leader Xi Jinping.
Treasury Secretary Scott Bessent said the measures are part of a broader effort to prevent Iran from obtaining resources that could be used against American forces and allies.
“Under President Trump’s decisive leadership, we will continue to act to keep America safe and target foreign individuals and companies providing Iran’s military with weapons for use against U.S. forces,” Bessent said in a statement.
Treasury Targets Iran’s Financial Networks
The Treasury Department said the United States is working to block Iran from accessing funds tied to oil sales, cryptocurrency operations, and shadow banking systems used to finance military activities.
Officials also warned that additional actions could be taken against foreign companies and financial institutions involved in facilitating Iranian commerce, including airlines and entities linked to Chinese “teapot” oil refineries.
The latest sanctions followed another round announced one day earlier targeting Iraqi Deputy Oil Minister Ali Maarij al-Bahadly and leaders of three Iran-aligned militia groups operating in Iraq.
According to Treasury officials, al-Bahadly allegedly used his government position to help divert oil revenues to benefit the Iranian regime and affiliated militias.
The department accused him of assisting an Iranian-linked oil smuggler by blending Iranian oil with Iraqi oil and falsifying documentation before shipments entered global markets.
Iraq’s oil ministry denied the allegations, while al-Bahadly has not publicly commented.
“Like a rogue gang, the Iranian regime is pillaging resources that rightfully belong to the Iraqi people,” Bessent wrote in a post on X. “Treasury will not stand idly by as Iran’s military exploits Iraqi oil to fund terrorism against the United States and our partners.”
Militia Leaders and Regional Tensions
The sanctions also targeted leaders connected to Iran-backed militant groups, including Kata’ib Sayyid Al-Shuhada and Asa’ib Ahl Al-Haq.
The measures are part of the Trump administration’s broader “Operation Economic Fury” campaign, aimed at financially isolating Iran while pressuring Tehran into a long-term agreement.
“While the surviving Islamic Revolutionary Guard Corps leaders are trapped like rats in a sinking ship, the Treasury Department is unrelenting in our Economic Fury campaign,” Bessent said.
Although Iran has stated that it is reviewing a proposed U.S. peace agreement, regional tensions have continued.
Iranian forces have reportedly attacked commercial vessels in the region, including a Chinese-owned oil tanker, while the United States temporarily paused Project Freedom, an operation focused on protecting shipping routes through the Strait of Hormuz.
Iran has also reportedly launched attacks involving the United Arab Emirates after clashes between U.S. naval forces and Iranian units near the strategic waterway.
Trump Says Negotiations Are Progressing
Despite continued tensions, Trump said the ceasefire remains in place and expressed optimism that negotiations with Iran are moving forward.
“We’ve had some good talks before and all of sudden the next day … they forgot what happened,” Trump said on May 6. “Look, this is very simple, Iran cannot have a nuclear weapon. And they won’t and they’ve agreed to that among other things.”
Trump also warned that military operations could resume at a significantly higher intensity if negotiations fail to produce an agreement.
Meanwhile, Marco Rubio said the White House was expecting a formal response proposal from Iran on May 8.
“We’re expecting a response from them today at some point. We have not received that yet,” Rubio said during a visit to Italy, where he met with the pope and discussed ongoing negotiations between Washington and Tehran.
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