US sanctions a global network of shadow banks that support Iran

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US sanctions a global network of shadow banks that support Iran

The U.S. Treasury Department announced on Tuesday that 50 individuals and businesses from Hong Kong, the United Arab Emirates, and the Marshall Islands who had been serving as a “sprawling shadow banking network” for Iran’s military were subject to economic sanctions.

The businesses and people involved in the sale of Iranian oil and petrochemicals, according to Treasury’s Office of Foreign Assets Control, have aided Iran’s government and military in obtaining unauthorized access to the global banking system.

US sanctions a global network of shadow banks that support Iran
he income pays for weapons and funding to proxy groups, including Yemen’s Houthis, as well as drone transfers to Russia, Treasury says. Iran is accused of supplying Russia with drones that are used to bomb Ukrainian civilians as the Kremlin continues its invasion of Ukraine

According to Treasury, the money is used to transfer drones to Russia as well as to provide arms and financing to proxy organizations like the Houthis in Yemen.

Iran is charged with providing drones to Russia so that they can continue to strike civilians in Ukraine while the Kremlin invades the country.

Seyyed Mohammad Mosanna’i Najibi, an Iranian-Turkish money changer, 27 cover businesses under his control with locations in Hong Kong, the Marshall Islands, and the United Arab Emirates, as well as a currency exchange company with its headquarters in Tehran, are among the individuals covered by the sanctions.

A request made via Sadaf Exchange, Najibi’s company’s Iranian branch, was not promptly responded to.

The sanctions, among other things, prohibit American businesses and individuals from conducting business with the entities in question and deny them access to any real estate or financial assets held in the United States.

The United States “will continue to pursue those who seek to finance Iran’s destabilizing terrorist activities,” according to Treasury Deputy Secretary Wally Adeyemo. We are still collaborating with friends and allies, as well as the international banking sector, to strengthen oversight on the flow of money that fuels terrorists.

Iranian shadow banks have already been sanctioned by the United States. The United States slapped economic sanctions on 39 companies in March 2023 that were connected to a shadow banking structure that aided in hiding financial transactions between sanctioned Iranian companies and their international purchasers, particularly for Iranian-produced petrochemicals.

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