The United States on Friday sanctioned over 30 people and organizations accused of being part of a global “shadow banking” network that facilitates Iran’s oil sales and missile production. The US Treasury Department stated this network has laundered billions of dollars through financial systems in different nations.
The freshly announced restrictions target Iranian citizens and companies based in the United Arab Emirates and Hong Kong. Among those targeted are two UAE-based firms, Ace Petrochem FZE and Moderate General Trading LLC, both allegedly linked to Iran’s state-owned National Iranian Tanker Company, which is already subject to US sanctions.
These players are at the heart of Iran’s shadow banking system that allows the regime to finance its nuclear program, missile work, and regional proxy forces,” said Treasury Secretary Scott Bessent in a statement. The network targeted by sanctions is suspected to be used to work around current limitations and transfer money through front companies and foreign exchange houses.
The Treasury says the individuals and companies are tied to Iranian brothers Mansour, Nasser, and Fazlolah Zarringhalam. The men are accused of controlling a chain of currency exchange businesses and shell firms in Iran, Hong Kong, and the UAE, and arranging financial transactions on behalf of sanctioned Iranian parties. The group is said to hold numerous currency accounts in various banks around the world to accept payments for oil sales.
This is the first batch of US sanctions against Iran’s shadow banking system since President Donald Trump re-imposed his “maximum pressure” approach on Tehran in February.
Negotiations to revive nuclear negotiations remain at an impasse, specifically regarding Iran’s uranium enrichment program. Although the Iranian regime did not say anything about the latest sanctions, American officials claim they are seeking to cut off Iran’s linkage to international financial streams until a diplomatic settlement is found.
