U.S. sanctions target companies helping Iran evade restrictions

Washington — As part of its “maximum pressure” policy toward Iran, particularly concerning Tehran’s nuclear program, ballistic missiles, and funding of armed groups in the Middle East, the United States has imposed a new package of sanctions on companies that assist Iran in evading existing sanctions.

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated 22 entities based in Hong Kong, Turkey, and the United Arab Emirates to its sanctions list for facilitating the sale of Iranian oil on behalf of the Quds Force, a branch of Iran’s Islamic Revolutionary Guard Corps (IRGC).

According to a statement issued by the department, oil refineries that purchase Iranian oil transfer payments to these front companies, which in turn route the money to accounts of other front companies also under the control of the Quds Force. 

The statement noted that Iran uses these revenues to fund its weapons programs and support its proxies and terrorist partners throughout the Middle East. 

U.S. Treasury Secretary Scott Bessent said that Iran heavily relies on its parallel banking system to fund its destabilizing activities related to nuclear weapons and ballistic missiles, rather than using those resources for the benefit of the Iranian people.

He added that the U.S. remains focused on disrupting this shadow infrastructure that enables Iran to threaten the United States and its allies in the region.

In June, OFAC designated more than 30 individuals and entities that collectively laundered billions of dollars through the international financial system via Iranian exchange offices and foreign companies operating as fronts under their control.