US Announces Sanctions On Iranian "Shadow Banking" Network

The US Treasury Department has announced sanctions on nearly 50 entities and individuals connected to a “shadow banking” network used by Iran to gain illicit access to the international financial system and process billions of dollars of oil and petrochemical revenue.

• According to Treasury, the revenue derived from this network is used by the Iranian Revolutionary Guards Corps (IRGC) and Ministry of Defense to support Iran's regional proxies, including military technology used by the Houthis to disrupt Red Sea shipping, and the production of military drones to Russia for use on the battlefield in Ukraine.
• Deputy Treasury Secretary Wally Adeyemo said in a statement: “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.
• "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. We continue to work with allies and partners, as well as the global financial industry, to increase vigilance against the movement of funds supporting terrorism.”
• VOA notes: "Tuesday's action targeted dozens of companies in Hong Kong, the United Arab Emirates and Marshall Islands, as well as Iran and Turkey-based firms."