The United States has announced extensive sanctions against nearly 50 individuals and companies worldwide, accusing them of being part of a “shadow banking” network that facilitated billions of dollars for Iran’s military. The Treasury Department revealed that the sanctions specifically target Iranian exchange houses and foreign entities that helped Iran’s defense ministry and Islamic Revolutionary Guard Corps (IRGC) conceal revenues generated abroad, funding the procurement of advanced weapons systems and supporting regional proxies like Yemen’s Houthi rebels.
Treasury Deputy Secretary Wally Adeyemo stated, “The United States is cracking down on a large-scale shadow banking system used by Iran’s military to launder billions of dollars in oil proceeds and other illicit revenue.” These sanctions align with President Biden’s administration’s initiative to target those involved in Iran’s unlawful oil and petrochemical-related activities, with a continued dedication to combatting the financing of Iran’s destabilizing terrorist actions.
The sanctioned entities span across various countries, including Iran, Turkey, Hong Kong, the United Arab Emirates, and the Marshall Islands. This aggressive move underscores the United States’ commitment to holding accountable those involved in supporting Iran’s dangerous activities through illicit financial means.