The U.S. Treasury Department announced sanctions against 22 companies and entities based in Hong Kong, the United Arab Emirates, and Turkey, accusing them of helping to circumvent sanctions and finance oil sales for the benefit of the Quds Force, the overseas arm of Iran’s Islamic Revolutionary Guard Corps (IRGC).
On Wednesday, July 9, the U.S. Treasury stated that these entities are part of a so-called “shadow banking” network that uses front companies and offshore accounts to funnel hundreds of millions of dollars in Iranian oil revenues to Quds Force operations, including support for militant proxy groups in the region.
U.S. Treasury Secretary Scott Bessent, emphasizing the Trump administration’s maximum pressure policy against Iran’s regime, said: “The Iranian regime relies heavily on its shadow banking system to fund its destabilizing nuclear and ballistic missile weapons programs, rather than for the benefit of the Iranian people. Treasury remains focused on disrupting this shadowy infrastructure that allows Iran to threaten the United States and our allies in the region.”
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This latest action falls under Executive Order 13224 and is part of a second round of sanctions implemented under the directive of the U.S. President as part of the maximum pressure campaign against Iran’s regime.
Earlier in June, the U.S. sanctioned more than 30 individuals and entities linked to two Iranian brothers who had transferred billions of dollars through Iranian exchange offices and foreign shell companies.
According to the report, the Turkey-based company “Pulcular Enerji” purchased several oil shipments in 2024 from sources tied to the Quds Force. These transactions were coordinated with the Lebanese oil broker “Concepto Screen SAL Off-Shore” and Quds Force officials, with payments mostly routed through front companies in Hong Kong and transferred in cash.
Companies such as “Amito Trading,” “Peakway Globa,” “JTU Energy,” “Shelf Trading,” and “Cetto International,” all based in Hong Kong, were used as fronts for these financial transactions.
Quds Force officials also utilized multiple shell companies—including “Radix Trade,” “Ventus Trade,” “Marmerth,” “Moon Imp & Exp,” “Mist Trading,” and “GAH Petrochemical Trading”—to generate hundreds of millions of dollars from the sale of Iranian oil and petrochemical products, which were then transferred to the account of the National Iranian Oil Company.
The report also names companies such as “Enka Trading,” “Finesse Global Trading,” “Lavida Corporation,” and “Bright Spot Goods Wholesalers,” which have transferred hundreds of millions of dollars to the Quds Force.
The Turkish firm “Golden Globe Demir Celik Petrol” has also been identified as a front for the IRGC’s oil operations, conducting hundreds of millions of dollars in annual oil transactions.
This company’s oil deals have involved tankers named “URI” (formerly “BOREAS”), “LUNA PRIME,” “ETERNAL PEACE,” and “TITAN” (formerly “KASPER”).
Under the announced sanctions, all assets and interests of these entities in the U.S. or in the possession of U.S. persons will be frozen.
In addition, any financial dealings or cooperation with these entities by U.S. persons or transactions passing through the U.S. financial system are prohibited.
The Treasury Department has warned that foreign financial institutions cooperating with the sanctioned individuals or entities could face secondary sanctions, including the freezing of correspondent accounts in U.S. banks.
The statement concluded by stressing that the purpose of the sanctions is not punishment but to induce a change in the behavior of Iran’s regime. Sanctioned individuals and entities may be removed from the list through a legal process if circumstances change.
