Treasury Targets Financier Linked to Iran's Leadership Amid Increased Attacks on Shipping
President Donald Trump announced on Friday that the ceasefire with Iran, established in June, is now "OVER." This statement came as the United States ramped up its pressure on Iran with new sanctions against a financier connected to Iranian leadership and various exchange houses accused of moving large sums of money for banks that are under sanctions.
In a post on social media, Trump remarked, "The Islamic Republic of Iran has asked us to continue ‘talks.’ We have agreed to do so, but the United States has stated to them, in no uncertain terms, that the Cease Fire is OVER!"
His remarks followed the Treasury Department's Office of Foreign Assets Control (OFAC) revealing sanctions against Iranian businessman Ali Ansari, several exchange houses in Iran, their executives, and two alleged front companies. These actions were linked to Iran's renewed aggression against international shipping in the Strait of Hormuz.
The Treasury claimed that Ansari operated a global network of assets that benefitted Mojtaba Khamenei and other high-ranking individuals in the Iranian government while also profiting through a vast overseas investment portfolio.
According to OFAC, Ansari used shell companies and financial accounts in several countries to invest in locations such as Germany, Luxembourg, Spain, the UK, Cyprus, and the UAE, utilizing Smart Global Limited, a company based in Saint Kitts and Nevis. Both Ansari and the company have been designated under regulations aimed at Iran's leadership and the Islamic Revolutionary Guard Corps.
Treasury Secretary Scott Bessent stated, "The so-called Supreme Leader is hiding in seclusion while his regime crumbles. Treasury will continue using every tool at its disposal to isolate him and other regime elites from the global financial system."
The sanctions also target three Iranian currency exchange houses that reportedly process and maintain the equivalent of billions of dollars each year for sanctioned Iranian banks through networks of shell companies. Furthermore, the Treasury designated CDM Trading Limited based in Hong Kong and Naba Alzaki Raw Materials Trading LLC in the UAE as front companies that facilitated these transactions.
These new sanctions add an economic layer to the U.S. response as tensions escalate following a resurgence of Iranian attacks on merchant vessels in the Strait of Hormuz earlier this week.
The U.S. Central Command has conducted two days of airstrikes on Iranian military targets, claiming to have hit around 80 targets on July 7, including over 60 small boats belonging to the IRGC. A follow-up strike on July 8 targeted an additional 90 sites, including air defense systems and military logistics infrastructure.
The renewed hostilities represent a significant deviation from the June agreement that briefly paused conflicts, reopened the Strait of Hormuz for commercial shipping, and allowed limited sanctions relief for Iranian oil exports. Following attacks on three commercial vessels, the U.S. revoked that relief, resumed military actions, and increased its financial pressure on Iran, while both sides blame each other for breaking the agreement.
Even though Trump declared the ceasefire over, his comments indicate that diplomatic routes are still available, with the president acknowledging that the U.S. has agreed to continue discussions after Iran expressed interest in further negotiations.