The United States has levied sanctions against over 30 individuals and entities implicated in an Iranian “shadow banking” network, Reuters reports.
The US Treasury Department announced Friday that this network has laundered billions of dollars through the global financial system, serving as a critical financial artery for the Iranian regime.
The sanctions target Iranian nationals alongside entities based in the United Arab Emirates and Hong Kong. The Treasury Department explicitly linked at least two of the sanctioned companies to Iran’s national tanker company.
Treasury Secretary Scott Bessent emphasized the network’s significance, stating, “Iran’s shadow banking system is a critical lifeline for the regime through which it accesses the proceeds from its oil sales, moves money, and funds its destabilizing activities.” US officials believe this financial infrastructure aids Tehran in financing its nuclear and missile programs and supporting its militant proxies across the Middle East.
The Treasury identified Iranian brothers Mansour, Nasser, and Fazlolah Zarringhalam as central to the network, collectively responsible for laundering billions of dollars internationally. The brothers reportedly operate exchange houses in Iran and a network of front companies in Hong Kong and the UAE.
Among the entities added to the Specially Designated Nationals list by the Treasury’s Office of Foreign Assets Control (OFAC) are Ace Petrochem FZE and Moderate General Trading LLC, both registered in the UAE. OFAC stated that both companies are connected to the state-owned National Iranian Tanker Company, which is already under U.S. sanctions for its involvement in Iranian oil exports.
Iran’s mission to the United Nations in New York has not yet responded to requests for comment.
Despite ongoing diplomatic talks between Washington and Tehran over Iran’s nuclear program, the US administration has continued to implement sanctions against Iranian-linked entities.
Last month, the United States Treasury Department announced a new round of sanctions aimed at disrupting Iranian efforts to domestically produce components critical to its ballistic missile program.
According to the Treasury, the sanctions target six individuals and 12 entities for their alleged roles in aiding Iran’s attempts to source and manufacture materials necessary for Tehran’s missile capabilities.
(Israel National News’ North American desk is keeping you updated until the start of Shabbat in New York. The time posted automatically on all Israel National News articles, however, is Israeli time.)
