US Implements New Sanctions Targeting Financial Networks Supporting Iran's Military

Politics

US Implements New Sanctions Targeting Financial Networks Supporting Iran's Military

2 months ago

News sources:

DAWN

ALJAZEERA

US Implements New Sanctions Targeting Financial Networks Supporting Iran's Military

Credited from: ALJAZEERA

The US has imposed new sanctions aimed at funding channels for Iran's military.
Sanctions target individuals and entities in Hong Kong and the UAE linked to oil sales.
The move is part of efforts to disrupt Iranian financial networks supporting military capabilities.

The United States has issued fresh sanctions focusing on individuals and entities that it claims facilitate financing for Iran's military, particularly through illicit oil sales. These sanctions specifically target operatives believed to aid the Islamic Revolutionary Guard Corps (IRGC) and Iran’s Ministry of Defense, as stated by the US Treasury Department. This latest move reflects ongoing efforts by the US to disrupt financial streams that support Iran's military capabilities, according to Dawn, Al Jazeera, and AA.

The sanctions affect multiple parties in Hong Kong and the UAE, responsible for illicit fund transfers originating from the sale of Iranian oil. The US Treasury emphasized that these coordinated efforts have allowed Iranian entities to evade sanctions through complex financial maneuvers involving overseas front companies and cryptocurrency. “Iranian ‘shadow banking’ networks abuse the international financial system,” said the Treasury’s undersecretary for terrorism and financial intelligence, John K. Hurley, highlighting the extent of these operations, according to Dawn, Al Jazeera, and AA.

Dawn, Al Jazeera, and AA.