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US Treasury Hits Iran's 'Shadow Banking' Network with Sanctions
(MENAFN) The US Treasury Department moved Friday to tighten the financial noose around Iran, announcing a fresh wave of sanctions targeting what it described as a covert banking infrastructure used to fund Tehran's military apparatus.
The Office of Foreign Assets Control (OFAC) designated three Iranian foreign currency exchange houses along with their affiliated front companies, the department said in a statement, asserting that such entities collectively process billions of dollars in foreign currency transactions annually.
Treasury Secretary Scott Bessent framed the action in stark terms, invoking the administration's broader maximum pressure campaign. "Iran is the head of the snake for global terrorism, and under President (Donald) Trump's leadership, Treasury is moving aggressively, through Economic Fury, to sever the Iranian military's financial lifelines," Bessent said — referencing Operation Epic Fury, the US-Israeli military campaign launched February 28 that is currently under a ceasefire as negotiators pursue a diplomatic settlement.
"We will relentlessly target the regime's ability to generate, move, and repatriate funds, and pursue anyone enabling Tehran's attempts to evade sanctions," Bessent added.
The Office of Foreign Assets Control (OFAC) designated three Iranian foreign currency exchange houses along with their affiliated front companies, the department said in a statement, asserting that such entities collectively process billions of dollars in foreign currency transactions annually.
Treasury Secretary Scott Bessent framed the action in stark terms, invoking the administration's broader maximum pressure campaign. "Iran is the head of the snake for global terrorism, and under President (Donald) Trump's leadership, Treasury is moving aggressively, through Economic Fury, to sever the Iranian military's financial lifelines," Bessent said — referencing Operation Epic Fury, the US-Israeli military campaign launched February 28 that is currently under a ceasefire as negotiators pursue a diplomatic settlement.
"We will relentlessly target the regime's ability to generate, move, and repatriate funds, and pursue anyone enabling Tehran's attempts to evade sanctions," Bessent added.
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