Washington DC, May 19 -- The United States on Tuesday announced sweeping new sanctions targeting Iran's financial and petroleum networks, designating more than 50 companies, individuals and vessels accused of helping Tehran evade sanctions and generate billions of dollars in revenue.

The action, announced by the US Department of the Treasury's Office of Foreign Assets Control (OFAC), is part of the Trump administration's "Economic Fury" campaign aimed at intensifying pressure on Iran amid the geopolitical standoff due to the conflict in West Asia.

According to the US Treasury Department, the sanctions target a major Iranian foreign currency exchange house, Amin Exchange, along with associated front companies operating across the United ...