US Treasury targets additional elements of Iran’s “shadow banking” network

US Treasury targets additional elements of Iran’s “shadow banking” network US Treasury targets additional elements of Iran’s “shadow banking” network
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July 9, 2025 20:24
US Treasury targets additional elements of Iran’s “shadow banking” network

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated 22 entities based in Hong Kong, the United Arab Emirates (UAE), and Türkiye for their roles in facilitating the sale of Iranian oil that benefits the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF), according to a statament, Report informs.

The IRGC-QF primarily leverages front companies outside of Iran, which use offshore accounts to transfer hundreds of millions of dollars in profits derived from Iranian oil sales to circumvent sanctions and funnel funds toward IRGC-QF terrorist activities, reads the statement.

"Refineries purchasing Iranian oil transfer payments to these front companies, which then move the funds to other front company accounts also controlled by the IRGC-QF. Iran uses these proceeds to fund its weapons programs and support its terrorist proxies and partners across the Middle East," it said.

“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,” said Secretary of the Treasury Scott Bessent. “Treasury remains focused on disrupting this shadowy infrastructure that allows Iran to threaten the United States and our allies in the region.”

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