Shafaq News – Washington
The US Treasury Department on Tuesday imposedsanctions on a network of Iranian intermediaries and over a dozen individualsand entities accused of funneling oil revenue to Iran’s Islamic RevolutionaryGuard Corps–Quds Force and Ministry of Defense.
According to the Office of Foreign Assets Control(OFAC), the network operated as a “shadow banking” system, using frontcompanies and cryptocurrencies to bypass sanctions and finance proxy groups andweapons programs, including drones and missiles.
John K. Hurley, Under Secretary for Terrorism andFinancial Intelligence, stated that Iran continues to exploit covert globalchannels to move millions, vowing, “Under President [Donald] Trump’sleadership, we will continue to disrupt these key financial streams that fundIran’s weapons programs and malign activities in the Middle East and beyond.”
The sanctions, issued under Executive Order 13224 (asamended), represent the second wave targeting Iran’s shadow bankinginfrastructure since the release of National Security Memorandum 2, whichguides the administration’s maximum pressure policy on Tehran.
All assets held by the designated individuals andentities within US jurisdiction are now frozen, and US persons are barred fromtransactions with them, while foreign banks involved in significant dealingsface potential secondary sanctions. OFAC stressed that the sanctions aim toforce behavioral change rather than impose punishment for its own sake.
In recent months, the Treasury has sanctioned morethan 30 individuals and entities linked to Iran for laundering billions throughoffshore fronts and illicit currency exchanges.
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