US sanctions vast shadow banking network backing Iranian military

The U.S. Treasury Department announced on Tuesday new economic sanctions targeting 50 individuals and entities in Hong Kong, the UAE, and the Marshall Islands. These sanctions address a โ€œsprawling shadow banking networkโ€ facilitating Iranโ€™s military operations. The targeted network is involved in the sale of Iranian oil and petrochemicals, providing financial support for Iranโ€™s military activities, proxy groups like Yemenโ€™s Houthis, and drone supplies to Russia used in the Ukraine conflict. Key figures include Seyyed Mohammad Mosannaโ€™i Najibi and his 27 cover companies. The sanctions restrict access to U.S. assets and prohibit U.S. entities from engaging with those listed.

Treasury Deputy Secretary Wally Adeyemo emphasized the commitment to disrupting funding for Iranโ€™s destabilizing activities. This follows similar sanctions in March 2023 against firms obscuring financial transactions for Iranian petrochemical sales.

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