The United States has unveiled sweeping new sanctions package targeting Iran's vast “shadow banking” and shipping network, accusing Tehran of generating billions of dollars through illicit oil, petrochemical and financial transactions to fund militant groups and weapons programs.
In a statement issued on Monday, the U.S. Department of the Treasury said its Office of Foreign Assets Control (OFAC) had sanctioned more than 50 companies, individuals and vessels linked to Iran's foreign currency exchange operations and petroleum trade.
The move, part of Washington's ongoing “Economic Fury” campaign, seeks to choke off critical revenue streams used by the Iranian regime and its proxies.
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The sanctions specifically target Amin Exchange, a major Iranian foreign currency exchange house accused of facilitating hundreds of millions of dollars in transactions for already sanctioned Iranian entities, including oil and petrochemical firms.
Several front companies operating in the UAE, Hong Kong, China and Türkiye were also blacklisted for allegedly helping Tehran evade international sanctions.
The Treasury Department further imposed restrictions on 19 vessels allegedly involved in transporting Iranian oil, liquefied petroleum gas and petrochemical products to foreign buyers.
According to US authorities, these shipments generated hundreds of millions of dollars for Tehran.
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US Treasury Secretary Scott Bessent said Iran's covert financial infrastructure continued to bankroll destabilising activities across the region.
“Iran's shadow banking system facilitates the illicit transfer of funding for terrorist purposes. As the Treasury systematically dismantles Tehran's shadow banking system and shadow fleet under Economic Fury, financial institutions must be alert to how the regime manipulates the international financial system to wreak havoc,” Bessent said.
Washington also warned foreign companies and financial institutions against engaging with Iran-linked entities, cautioning that violators could face secondary U.S. sanctions.
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