US imposes sanctions on financial network that helps Iran sell oil
Photo: The US has imposed sanctions on a financial network that helps Iran sell oil (Getty Images)
The United States has imposed sanctions on more than ten individuals and entities in Iran, Hong Kong, and the UAE that are helping Tehran generate profits from oil sales in violation of the international embargo, according to the press service of the US Department of the Treasury’s Office of Foreign Assets Control (OFAC).
"Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating a pair of Iranian financial facilitators and more than a dozen Hong Kong- and United Arab Emirates (UAE)-based individuals and entities for their roles in coordinating funds transfers, including from the sale of Iranian oil, that benefits the IRGC-Qods Force (QF), and Iran’s Ministry of Defense and Armed Forces Logistics (MODAFL)," the statement said.
The US Treasury noted that such "shadow banking" networks exploit the international financial system and help Iran evade sanctions by laundering money through overseas shell companies and cryptocurrency.
The Iranian regime, in turn, uses these revenues to support terrorist proxy groups and develop advanced weapons systems. This also enables Iran to produce ballistic missiles and drones that threaten the security of US forces and their allies.
US sanctions against Iran
In August, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced new sanctions targeting an international network of companies and ships in Iran’s shadow fleet for the illegal transport of oil to China.
In July, the US imposed sanctions on an illicit Iranian financial network based in Hong Kong, the UAE, and Türkiye.
In June, the US Treasury expanded sanctions against Iran, aimed in part at preventing the proliferation of nuclear weapons.
Earlier, the US imposed restrictions on a network that supplied fuel for Iranian missiles.
Additionally, the US State Department and the Treasury’s OFAC have sanctioned several individuals and ships involved in Iran’s oil and petrochemical industry, targeting the country’s shadow fleet.
