The U.S. Treasury Department is imposing sanctions on a what it calls a shadow banking network for Iran’s military. The sprawling network expands to 50 people and firms in Hong Kong, the United Arab Emirates and the Marshall Islands, and is used by Iran’s Ministry of Defense and Armed Forces and Islamic Revolutionary Guard Corps, the department said. According to the Treasury Department’s announcement, the network has gained illicit access to international finance system, allowing it to “process the equivalent of billions of dollars since 2020.” The release said the individuals and organizations are involved in the sale of Iranian oil and petrochemicals, and use the money to pur
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