The United States imposed sanctions on nearly 50 entities and individuals on Tuesday, June 25, who are accused of transferring billions of dollars in favor of the Iranian regime’s armed forces.
According to the U.S. Department of the Treasury website, the department stated in a press release that those sanctioned are part of a “shadow banking network” used by Iran’s Ministry of Defense and Armed Forces Logistics and the Islamic Revolutionary Guard Corps (IRGC).
Both the Ministry of Defense and the IRGC are under U.S. sanctions.
The U.S. Treasury said that this network helped Iran’s Ministry of Defense and the IRGC access the international financial system and process the equivalent of billions of dollars since 2020.
Wally Adeyemo, the U.S. Deputy Secretary of the Treasury, said in a statement that the United States is taking action against a broad shadow banking system that Iran’s armed forces use to launder billions of dollars in oil revenues and other illicit income.
The US treasury added that those targeted on Tuesday constitute a “shadow banking network” used by Iran’s Ministry of Defense and Armed Forces Logistics (MODAFL) and Islamic Revolutionary Guard Corps (IRGC), both of which are under U.S. sanctions.
According to Reuters, the U.S. Treasury’s action on Tuesday targeted dozens of front companies in Turkey, the United Arab Emirates, Hong Kong, the Marshall Islands, and Iran.
The imposed sanctions block any assets these companies have in the United States and generally prohibit U.S. citizens from doing business with them.
Meanwhile, those who engage in specific transactions with them also risk future sanctions.
