U.S. Targets Iran's 'Shadow Banking' Network With Sanctions
The U.S. has imposed sanctions on over 30 individuals and entities linked to Iran's shadow banking network, aimed at laundering billions for Tehran's oil sales. Connected to the Zarringhalam brothers, this network allegedly funds Iran's nuclear ambitions and militant activities. The sanctions highlight ongoing tensions and stalled nuclear negotiations.
The United States has imposed sanctions on more than 30 individuals and entities involved in Iran's 'shadow banking' network, according to the Treasury Department. The network, including Iranian nationals and entities in the UAE and Hong Kong, is accused of laundering billions through the global financial system.
The sanctions come amid ongoing attempts to secure a new nuclear deal with Tehran. The Treasury notes that these financial networks serve as crucial conduits for Iran, facilitating oil sales and potentially supporting nuclear and missile programs. This move represents the first U.S. action targeting Iran's shadow banking since the Trump administration's 'maximum pressure' campaign in February.
A central figure in these allegations are the Iranian brothers Mansour, Nasser, and Fazlolah Zarringhalam, who are believed to be operating exchange houses and front companies in Hong Kong and the UAE without clear disclosure of their locations. Additionally, Ace Petrochem FZE and Moderate General Trading LLC, based in the UAE, have been added to the Specially Designated Nationals list, freezing their U.S. assets.
(With inputs from agencies.)
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