US Blacklists 35 Individuals, Organizations to Counter Iran's Shadow Banking
The sanctioned parties "oversee Iran's shadow banking architecture, facilitating the movement of the equivalent of tens of billions of dollars tied to sanctions evasion," the Treasury statement said.
How the Network Operates
According to Washington, Iranian banks rely on a network of private intermediary firms known as "rahbars" to process payments for sanctioned Iranian trade — routing transactions through shell company accounts embedded within foreign banking institutions.
The Treasury said these financial flows are routinely conducted on behalf of some of Iran's most heavily sanctioned entities, including the Islamic Revolutionary Guard Corps, the National Iranian Oil Company, and a range of other organizations already on US blacklists.
Treasury Secretary Scott Bessent made clear that the crackdown carries consequences well beyond Tehran, issuing a direct warning to the global financial community: "Iran's shadow banking system serves as a critical financial lifeline for its armed forces, enabling activities that disrupt global trade and fuel violence across the Middle East."
Bessent followed with an unambiguous warning to any institution considering engagement with these networks: "Financial institutions are on notice: Any institution that facilitates or engages with these networks is at risk of severe consequences."
Sanctions Predate Outbreak of War
The measures were drawn up before the current military conflict between the US and Israel against Iran, which the two allies launched jointly on Feb. 28. That war is presently under a ceasefire, with ongoing diplomatic efforts seeking to translate the pause in hostilities into a lasting peace agreement.
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