According to CoinMeta, and as reported by Reuters, the U.S. Treasury Department has officially warned global banks that continuing to trade with sanctioned Iranian banks may result in sanctions without prior notice. This stance stands in sharp contrast to what Treasury Secretary Scott Bessent stated in August, when he said that unannounced sanctions could “destroy the global financial system.” Bessent also mentioned that the Iranian economy is already under pressure, and last month Iran did not load any crude oil onto oil tankers. In addition, the Treasury Department will take action against Iran’s crypto channels, including those related to Russia, which Iran uses to circumvent sanctions. According to TRM Labs, the total amount of crypto activities related to Iran last year was approximately $10 billion.