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April 29 (UPI) — The United States has sanctioned 35 entities and individuals accused of overseeing a shadow-banking network that moved tens of billions of dollars for Iran, as the Trump administration flexes Washington’s financial might amid a stalemate in peace negotiations with Tehran.

The sanctions announced Tuesday come as U.S.-Iran peace negotiations came to a halt last week after Tehran said it would not participate in talks until the United States lifted its blockade of sea-based trade to the Middle Eastern nation.

Those blacklisted by the Treasury include several private companies known as rahbars, which manage thousands of overseas companies used by Iranian banks cut off from the international financial system to execute payments for Iranian trade.

According to the Treasury, these rahbar companies coordinate with Iranian exchange houses and front companies to conduct international trade on behalf of the Islamic Revolutionary Guard Corps, Iran’s Armed Forces General Staff, the National Iranian Oil Company and other sanctioned entities.

“By dismantling these financial channels, we advance the administration’s policy in the conflict with Iran and underscore our commitment to imposing maximum pressure on Iran,” State Department spokesman Thomas Pigott said in a statement.

The punitive action was part of what the Treasury calls Operation Economic Fury, a branded escalation of President Donald Trump‘s broader maximum-pressure campaign against Iran.

Coinciding with the sanctions on Tuesday, the Treasury’s Office of Foreign Assets Control issued an alert to financial institutions over the risks they face for doing business with so-called teapot oil refineries in China, primarily in Shandong Province, that import and refine Iranian crude oil.

According to the alert, China is the largest purchaser of Iranian oil, and the Treasury has designated multiple small China-based refineries since March of last year.

“The United States will further disrupt illicit funding streams that finance Iran’s malign activities,” Pigott said.

“We will not relent in our efforts to deny Iran and its proxies the resources they use to threaten U.S. interests and regional stability.”

Trump first employed the maximum-pressure campaign strategy to coerce Iran into negotiations over its nuclear program in 2018 after unilaterally withdrawing the United States from a landmark multinational accord that sought to prevent Tehran from obtaining a nuclear weapon.

Iran then breached its commitments under the deal, enriching uranium up to 60%, far exceeding the accord’s 3.67% but below weapons-grade levels.

Trump restored the maximum-pressure campaign after returning to office in 2025, and the United States bombed three major Iranian nuclear facilities that June.

The United States and Israel have since escalated their pressure campaign, attacking Iran in strikes that triggered a war now halted by a fragile cease-fire to permit peace talks.

Iran has imposed restrictions on energy trade through the Strait of Hormuz, prompting the United States to impose a blockade of Iran’s ports in response to what it describes as Tehran holding a major share of the world’s energy supplies hostage.

United States President Donald Trump has cancelled a planned visit to Pakistan by his envoys Steve Witkoff and Jared Kushner, who had been expected to explore indirect talks, which remain deadlocked over issues that include the blockade of the Strait of Hormuz.

“If they want to talk, all they have to do is call!!!” Trump wrote on his social media platform Truth Social on Saturday, signalling that Washington for now would not send negotiators to Pakistan, the country that is mediating between the longtime adversaries.

With neither Washington nor Tehran showing much willingness to soften their positions, prospects for a diplomatic breakthrough in the US-Israeli war on Iran and securing a lasting ceasefire remain stalled.

The conflict spilled into the larger Middle East region, including Lebanon, causing the worst global energy crisis since the 1970s and risking a global recession.

So what do we know about the talks and where they stand as of now?

What has the US said?

The US president on Saturday told reporters in Florida that he scrapped his envoys’ visit because the talks involved too much travel and expense to consider an inadequate offer from the Iranians.

After the diplomatic trip was called off, Iran “offered a lot, but not enough”, Trump said.

On Truth Social, he wrote that there was “tremendous infighting and confusion” within Iran’s leadership.

“Nobody knows who is in charge, including them,” he posted. “Also, we have all the cards, they have none! If they want to talk, all they have to do is call!”

What has Iran said?

In Tehran, Iranian President Masoud Pezeshkian reiterated that his government will not enter negotiations while the US maintains a blockade on Iranian ports.

In a phone call with Pakistani Prime Minister Shehbaz Sharif on Saturday night, Pezeshkian said Washington “should first remove operational obstacles, including the blockade,” before any new talks can begin, according to the ISNA and Tasnim news agencies.

Meanwhile, during his visit to Islamabad on Friday, Iranian Foreign Minister Abbas Araghchi held separate meetings with Pakistan’s army chief, Field Marshal Asim Munir, and Sharif.

In a post on Telegram, Araghchi said their discussions covered regional dynamics and Iran’s non-negotiable positions without disclosing specifics. He added that Tehran intends to engage with Pakistan’s mediation efforts “until a result is achieved”.

After departing Islamabad on Saturday, Araghchi travelled to Oman, where he discussed ways to end the conflict with Sultan Haitham bin Tariq al-Said, according to state media.

He was then scheduled to continue on to Russia. Iran’s IRNA news agency said Araghchi is expected to return to Islamabad on Sunday for additional talks.

What has Pakistan said?

Despite hardening public positions from Washington and Tehran, Pakistan’s political and military leadership is continuing to mediate, two Pakistani officials said on Sunday, according to The Associated Press news agency. They were quoted as describing the indirect ceasefire contacts as still alive but fragile.

There were no immediate plans for US envoys to return for talks, according to the Pakistani officials, who spoke on the condition of anonymity because they were not authorised to speak to the media, AP added.

Al Jazeera’s Kimberly Halkett, reporting from Islamabad, said Pakistani officials are underscoring that the expected return of Araghchi to Islamabad is seen as a “hopeful sign”.

“What they hope is that this will in fact be something that can be incremental in the process and will advance forward,” she reported.

What is happening with the ceasefire?

The US-Iran ceasefire began on April 8 after nearly six weeks of US and Israeli strikes on Iran and retaliatory Iranian attacks against Israel and across the Gulf region.

The two sides held talks in Islamabad on April 11 aimed at securing a permanent deal, but they ended after 21 hours with no breakthrough.

After repeated threats of restarting the war if Iran did not heed Washington’s demands, Trump extended the ceasefire on Tuesday without a set deadline, saying he was in no rush to conclude a peace deal with Iran.

While the truce has held for the most part, the two sides continue to accuse each other of violations.

Iranian forces, which have essentially blocked the Strait of Hormuz, have captured commercial vessels, and the US has intercepted or detained ships suspected of violating its naval blockade of Iranian ports just one week after the ceasefire went into effect.

The naval blockade is seen by Iran as a breach of the ceasefire. Tehran has warned that reopening the Strait of Hormuz is impossible as long as the blockade remains in place.

The critical waterway has become a central dispute in the conflict. One-fifth of the world’s oil and liquefied natural gas supplies were shipped through the strait, which links the Gulf to the Arabian Sea, before the war began.

Iran insists on sovereignty over the waterway, which lies within the territorial waters of Iran and Oman. It has also floated the idea of levying tolls while Washington demands full freedom of navigation. The Gulf nations, which export most of their petroleum through the strait, have opposed the Iranian plan to impose tolls.

Another key issue is the debate over Iran’s stock of enriched uranium.

The US and Israel are pushing for zero uranium enrichment and have accused Iran of working towards building a nuclear weapon while providing no evidence for their claims.

Iran has insisted its enrichment effort is for civilian purposes only. It is a signatory to the 1970 Treaty on the Non-Proliferation of Nuclear Weapons, and Tehran says it has the right to pursue a civilian nuclear programme. But according to the International Atomic Energy Agency, the global nuclear watchdog, Iran has enriched uranium to 60 percent, a level that is far higher than what is needed for civilian use.

US President Donald Trump calls off a planned trip to Pakistan by his envoys, in the latest setback to efforts to end the war with Iran.

Prospects for a diplomatic breakthrough in the US-Israeli war with Iran appear to have dimmed, with negotiations to end the two-month conflict stalled as both Tehran and Washington show little sign of easing their positions.

US President Donald Trump cancelled a planned visit to Islamabad by his envoys, Steve Witkoff and Jared Kushner, dealing blows to peace prospects, while Iranian Foreign Minister, Abbas Araghchi, left Pakistan at the weekend. There, he presented mediators with a potential framework for ending the conflict.

The US president has said that Washington has received a new peace proposal from Tehran, but it has already been rejected.

The conflict has already pushed energy prices to multi-year highs, stoked inflation and darkened global growth prospects.

Here is what we know on day 58 of the conflict:

In Iran

• Araghchi left for Oman, saying he would return to Pakistan again on Sunday before heading to Russia, Iran’s state-run IRNA news agency reported.
• According to a statement posted on X by US Central Command (CENTCOM), US forces intercepted a sanctioned ship linked to Iran’s so-called “shadow fleet”.

• The ship, identified as the Sevan, was part of a 19-vessel “shadow fleet” transporting Iranian oil and gas products to foreign markets, the US military said.
• Iran executed a man convicted of being a member of the armed group Jaish al-Adl and carrying out attacks on Iranian security forces, the semi-official Tasnim news agency reported.

War diplomacy

• Iranian President Masoud Pezeshkian told Pakistani Prime Minister Shehbaz Sharif by phone that Tehran would not enter “imposed negotiations” under threats or blockade, an Iranian government statement said.
• Pezeshkian said the United States should first remove “operational obstacles”, including its blockade on Iranian ports, before negotiators can lay any groundwork to resolve the conflict.
• Iran’s IRNA news agency is reporting that Araghchi and his Egyptian counterpart, Badr Abdelatty, “discussed and exchanged views on issues related to diplomacy and ceasefire, as well as the latest regional developments”.
• Araghchi also had a call with Turkiye’s Foreign Minister, Hakan Fidan, but the agency did not provide further details.

In the US

• Trump told reporters in Florida that he scrapped the envoys’ visit because the talks involved too much travel and expense to consider an inadequate offer from the Iranians. After the diplomatic trip was called off, Iran “offered a lot, but not enough”, Trump said.
• On Truth Social, he wrote that there was “tremendous infighting and confusion” within Iran’s leadership.
• “Nobody knows who is in charge, including them,” he posted. “Also, we have all the cards, they have none! If they want to talk, all they have to do is call!”
• Trump said that the shooting at the White House Correspondents’ dinner on Saturday was unrelated to the Iran war. “It’s not going to deter me from winning the war in Iran. I don’t know if that had anything to do with it, I really don’t think so, based on what we know,” Trump told reporters.

In Lebanon

• Israeli Prime Minister Benjamin Netanyahu ordered troops to attack Hezbollah targets in Lebanon, his office said, further testing the three-week ceasefire.
• Lebanon’s Ministry of Public Health’s emergency operations centre said two Israeli raids on a truck and a motorcycle in the town of Yohmor al-Shaqif in Nabatieh district killed four people, the Lebanese National News Agency reported.
• Also in southern Lebanon, Israeli soldiers reportedly blew up buildings in the city of Bint Jbeil.