The U.S. sanctions 39 entities belonging to a shadow banking network
The U.S. Treasury Department announced that it has added an international network comprising 39 companies to its blacklist, accusing them of participating in the creation of an extensive shadow banking network and assisting the Iranian government in evading sanctions.
According to a statement released by the Office of Foreign Assets Control (OFAC) of the Treasury Department on Thursday, March 9, this illegal network has collaborated with sanctioned Iranian petrochemical companies, including the Persian Gulf Petrochemical Industries Company and Triliance Hong Kong.
According to the Treasury, exchanges affiliated with the Islamic Republic have established companies outside of Iran to enable petrochemical trade with foreign customers and financial transactions.