The U.S. Treasury Department has sanctioned Iran’s Islamic Republic shadow banking network.
The Office of Foreign Assets Control of the U.S. Treasury Department added 22 companies and entities based in Hong Kong, the United Arab Emirates, and Turkey to its sanctions list on Wednesday, July 8, due to their role in facilitating the sale of Iranian oil for the benefit of the Quds Force.
The U.S. Treasury Department has declared the Quds Force of the Islamic Revolutionary Guard Corps as a foreign terrorist organization.
According to the U.S. Treasury Department, the Islamic Republic and the Quds Force use these revenues to finance their weapons programs and support their proxy groups and terrorist partners throughout the Middle East.
Scott Bassett, the Treasury Secretary, said on Wednesday that the Iranian regime heavily relies on its shadow banking system not for the benefit of the Iranian people but to finance its destabilizing nuclear and ballistic missile programs. The department is focused on disrupting this infrastructure that allows Iran to threaten the United States and our allies in the region.