Skip to main content

US sanctions target financing of Iran's military, Treasury says

1 min Mena Today

The U.S. has issued a fresh round Iran-related sanctions targeting individuals and entities that Washington says finance Tehran's military, including some in Hong Kong and the United Arab Emirates, the U.S. Treasury Department said on Tuesday.

"Iranian 'shadow banking' networks—run by trusted illicit financial facilitators—abuse the international financial system © Mena Today 

"Iranian 'shadow banking' networks—run by trusted illicit financial facilitators—abuse the international financial system © Mena Today 

The U.S. has issued a fresh round Iran-related sanctions targeting individuals and entities that Washington says finance Tehran's military, including some in Hong Kong and the United Arab Emirates, the U.S. Treasury Department said on Tuesday.

Those targeted have helped coordinate funds transfers, including from the sale of Iranian oil, that benefit Iran's military force, the Islamic Revolutionary Guard Corp (IRGC)- Quds Force and its Ministry of Defense and Armed Forces Logistics (MODAFL), Treasury said.

"Iranian 'shadow banking' networks like these—run by trusted illicit financial facilitators—abuse the international financial system, and evade sanctions by laundering money through overseas front companies and cryptocurrency," it said in a statement.

U.S. sanctions generally prohibit American individuals and companies from engaging in any business transactions with those targeted.

Reporting by Bhargav Acharya, Katharine Jackson and Susan Heavey

Related

Iraq

American troop killed in Northern Iraq

A U.S. service member was killed on Saturday "during a controlled detonation of unexploded ordnance" in northern Iraq, U.S. Central Command said.

Jordan

Joint interception stops Iran over Aqaba

Israeli and Jordanian forces intercepted an Iranian missile aimed at the Jordanian city of Aqaba on Sunday, the Israeli military said, as air raid sirens sounded across Jordan.

Israel

More US tankers head to Israel

Israel is preparing to receive more U.S. refuelling aircraft, an Israeli military official said on Sunday, as attacks launched by the United States and Iran have escalated over the past week.

Subscribe to our newsletter

Mena banner 4

To make this website run properly and to improve your experience, we use cookies. For more detailed information, please check our Cookie Policy.

  • Necessary cookies enable core functionality. The website cannot function properly without these cookies, and can only be disabled by changing your browser preferences.