US Treasury sanctions network smuggling technology to Central Bank of Iran

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned a procurement network responsible for facilitating the illegal export of goods and technology from over two dozen US companies to end-users in Iran, including the Central Bank of Iran (CBI), which is designated for its role in providing financial support to the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) and Hizballah, Report informs, citing the US department.

These designations target three individuals and four entities tied to the procurement of sophisticated US technology for use by CBI in violation of US export restrictions and sanctions. Among the goods and technology acquired by CBI were items classified as information security items subject to national security and anti-terrorism controls by the US Department of Commerce’s Bureau of Industry and Security.

“The Central Bank of Iran has played a critical role in providing financial support to the IRGC-QF and Hizballah, two key actors intent on further destabilizing the Middle East,” said Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson. “The United States will continue to use all available means to disrupt the Iranian regime’s illicit attempts to procure sensitive US technology and critical inputs.”