US imposes sanctions on 35 individuals, entities for aiding Iran’s sanctions evasions

WASHINGTON: The US government said on Tuesday it had imposed sanctions on 35 entities and individuals for their role in Iran’s shadow banking architecture, accusing them of sanctions evasion and facilitating the movement of tens of billions of dollars tied to Iran’s sponsorship of terrorism.

The Treasury Department’s Office of Foreign Assets Control also warned that any firm that pays “toll fees” to the Iranian government or the Islamic Revolutionary Guard Corps for transit through the Strait of Hormuz would face significant sanctions.

The Treasury Department said the sanctions announced Tuesday target networks that allow Iran’s armed forces, including the Revolutionary Guard, to access the international financial system to receive payments for illicit oil sales, purchase sensitive components for missiles and other weapons systems and transfer money to Iran’s proxies.
“Iran’s shadow banking system serves as a critical financial lifeline for its armed forces and enables activities that disrupt global trade and fuel violence in the Middle East,” Treasury Secretary Scott Bessent said in a statement. he said.

“Illicit funds transferred through this network support the regime’s ongoing terrorist operations and pose a direct threat to U.S. personnel, regional allies, and the global economy,” he said, adding that any institution that facilitates or engages in these networks risks “serious consequences.”