US sanctions ‘sprawling shadow banking network’ that helps Iran’s military
Al Jazeera
Those sanctioned are involved in the sale of Iranian oil and petrochemicals, money that pays for weapons, proxy groups.
The United States Department of the Treasury has announced economic sanctions on 50 people and firms across Hong Kong, the United Arab Emirates and the Marshall Islands that it claims have been acting as a “sprawling shadow banking network” for Iran’s military.
On Tuesday, the Treasury’s Office of Foreign Assets Control said the entities and individuals are involved in the sale of Iranian oil and petrochemicals, which have helped Iran’s military and government gain illicit access to the international financial system.
The income pays for weapons and funding to proxy groups, including Yemen’s Houthis, as well as drone transfers to Russia, the Treasury said.
Iran is accused of supplying Russia with drones that are used to bomb Ukrainian civilians as the Kremlin continues its invasion of Ukraine.
Included in the sanctions are Seyyed Mohammad Mosanna’i Najibi, an Iranian-Turkish money-changer, 27 cover companies controlled by Najibi based in Hong Kong, the United Arab Emirates and the Marshall Islands, and a Tehran-based currency exchange business, among others.
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