The United States announced comprehensive sanctions on Tuesday against nearly 50 individuals and entities involved in a “shadow banking” network allegedly channeling billions of dollars for Iran’s military.
These sanctions target a global network of Iranian exchange houses and foreign firms that, according to the U.S. Treasury Department, facilitated the Iranian defense ministry and the Islamic Revolutionary Guard Corps (IRGC) in concealing revenue generated internationally. The funds were reportedly used to develop advanced weapons systems such as unmanned aerial vehicles (UAVs) and to support regional proxies, including Yemen’s Houthi militia.
“The United States is taking action against a vast shadow banking system used by Iran’s military to launder billions of dollars of oil proceeds and other illicit revenue,” said Treasury Deputy Secretary Wally Adeyemo in a statement. He emphasized the continued U.S. commitment to disrupting Iran’s destabilizing activities, noting, “We have sanctioned hundreds of targets involved in Iran’s illicit oil and petrochemical-related activity since President Biden took office, and we will continue to pursue those who seek to finance Iran’s destabilizing terrorist activities.”
The sanctions affect individuals and companies in various countries, including Iran, Turkey, Hong Kong, and the Marshall Islands. The Marshall Islands, although geographically distant, holds strategic importance due to its defense and security agreements with the United States.
The Treasury Department’s action underscores a broader U.S. strategy to curb Iran’s capacity to finance its military and regional influence through clandestine financial networks.
