Shafaq News – Washington

The US Treasury Department on Tuesday imposed sanctions on a network of Iranian intermediaries and over a dozen individuals and entities accused of funneling oil revenue to Iran’s Islamic Revolutionary Guard Corps–Quds Force and Ministry of Defense.

According to the Office of Foreign Assets Control (OFAC), the network operated as a “shadow banking” system, using front companies and cryptocurrencies to bypass sanctions and finance proxy groups and weapons programs, including drones and missiles.

John K. Hurley, Under Secretary for Terrorism and Financial Intelligence, stated that Iran continues to exploit covert global channels to move millions, vowing, “Under President [Donald] Trump’s leadership, we will continue to disrupt these key financial streams that fund Iran’s weapons programs and malign activities in the Middle East and beyond.”

The sanctions, issued under Executive Order 13224 (as amended), represent the second wave targeting Iran’s shadow banking infrastructure since the release of National Security Memorandum 2, which guides the administration’s maximum pressure policy on Tehran.

All assets held by the designated individuals and entities within US jurisdiction are now frozen, and US persons are barred from transactions with them, while foreign banks involved in significant dealings face potential secondary sanctions. OFAC stressed that the sanctions aim to force behavioral change rather than impose punishment for its own sake.

In recent months, the Treasury has sanctioned more than 30 individuals and entities linked to Iran for laundering billions through offshore fronts and illicit currency exchanges.