STRAIT OF HORMUZ — The United States issued a new round of sanctions against Iran on the eve of possible talks aimed at ending more than seven weeks of fighting between the two countries. The U.S. Department of the Treasury announced the penalties on Tuesday, targeting 14 individuals and entities accused of helping Iran acquire weapon components.

The measures were imposed against companies and people based in Iran, Turkiye and the United Arab Emirates. They include Chabok FZCO, a Dubai-based firm accused of procuring sensors and other U.S.-origin aircraft components for the Iranian airline Mahan Air, as well as Kamal Sabah Balkhkanlu, an Iranian money exchanger, and several individuals involved in procuring or transporting weapons or weapons components on behalf of Tehran. The sanctions freeze the targets' assets in the U.S. and make it generally illegal for U.S. citizens to do business with them.

"The Iranian regime must be held accountable for its extortion of global energy markets and indiscriminate targeting of civilians with missiles and drones." Treasury Secretary Scott Bessent said in a statement. "Under President Trump's leadership, as part of Economic Fury, Treasury will continue to follow the money and target the Iranian regime's recklessness and those who enable it." Bessent said.

Talks between U.S. and Iranian officials were scheduled for Wednesday in Pakistan, but Tehran refused to commit to attending due to the ongoing U.S. blockade of its ports. Iran insisted the United States lift the blockade before returning to talks. Iranian Foreign Minister Abbas Araghchi is expected to fly into Islamabad on Friday night with a small delegation, officials said. The visit is bilateral in nature, intended for talks with Pakistani officials rather than directly with the U.S. At least nine U.S. aircraft arrived carrying communications equipment, vehicles, security staff and technical personnel in preparation for the dialogue.

The U.S. and Israel began bombing Iran on February 28, launching a conflict that has spread across the Middle East. The fighting was halted on April 8 after a two-week ceasefire was reached. Since April 13, the Trump administration has imposed a naval blockade that stops ships sailing through the Strait of Hormuz if they left from or were destined for Iranian ports.

In recent days, the U.S. military seized at least one Iranian vessel and ordered 28 other ships to turn around. Over the past week, the United States captured an Iranian-flagged ship, Iran captured two ships, and Iran fired on a third in the Strait of Hormuz.

"Blockading Iranian ports is an act of war and thus a violation of the ceasefire," Araghchi said in a social media post. "Striking a commercial vessel and taking its crew hostage is an even greater violation. Iran knows how to neutralize restrictions, how to defend its interests, and how to resist bullying," he said.

President Donald Trump wrote on Truth Social, "Iran is collapsing financially. They want the Strait of Hormuz opened immediately- Starving for cash!"