U.S. sanctions 22 entities for aiding Iranian oil sales through shadow banking
The U.S. Treasury Department has sanctioned more than 20 companies and individuals accused of helping Iran sell oil through a secretive shadow banking network that funds its military and terrorist activities.
Announced Wednesday by the Treasury’s Office of Foreign Assets Control (OFAC), the sanctions target 22 entities based in Hong Kong, Türkiye, and the United Arab Emirates. They are accused of enabling the sale of Iranian oil to international buyers in violation of U.S. sanctions, News.Az reports, citing U.S. Department of Treasury.
OFAC says the proceeds from these sales are funneled through front companies and offshore accounts to support the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) — a U.S.-designated foreign terrorist organization — and other proxy groups in the Middle East.
Treasury Secretary Scott Bessent emphasized the broader threat posed by this covert financial network. “The Iranian regime relies heavily on its shadow banking system to fund its destabilizing nuclear and ballistic missile weapons programs, rather than for the benefit of the Iranian people,” Bessent said.
The sanctions fall under Executive Order 13224, which authorizes the U.S. to block assets and penalize individuals or entities that support terrorism. Violators may face criminal or civil consequences.
The action comes amid heightened tensions over Iran’s expanding missile program and its backing of militant groups across the region.
Similar news
