Today, the United States is sanctioning 22 entities with ties to a network spanning multiple jurisdictions involved in illicit oil trade on behalf of the Iranian regime. This network has used foreign front companies to transfer funds that sustain the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) and Tehran's campaigns of terror, which undermine international peace and security and bolster their ballistic missile programs.
Iran uses front companies based in Hong Kong, United Arab Emirates, and Türkiye as part of this network to help sanctioned Iranian government entities generate revenue from the sale of petroleum and other commodities subject to U.S. sanctions. This action against Iran's shadow banking network builds upon previous sanctions to implement National Security Presidential Memorandum-2 on February 4.
The United States will continue to deny Iran access to financial networks and the global banking system as long as Iran continues its destabilizing activities. We will promote accountability for those who seek to undermine international peace and security.
