United States Imposes Sanctions on 35 Individuals and Entities for Aiding Iran in Evading Sanctions

(Patria) - The U.S. government announced it is imposing sanctions on 35 entities and individuals for their role in Iran's shadow banking architecture, accusing them of facilitating the movement of tens of billions of dollars related to sanctions evasion and Iranian sponsorship of terrorism, Reuters reported.

The Treasury Department's Office of Foreign Assets Control also warned that any firm making payments to the Iranian government or the Islamic Revolutionary Guard Corps (IRGC) for passage through the Strait of Hormuz would face significant sanctions.

The Treasury Department stated that the sanctions announced on Tuesday target networks that have enabled Iran's armed forces, including the IRGC, to access the international financial system to receive payments for illegal oil sales, purchase sensitive components for missiles and other weapons systems, and transfer money to Iranian proxies.

"Iran's shadow banking system serves as a critical financial lifeline for its armed forces, enabling activities that disrupt global trade and fuel violence across the Middle East," Treasury Secretary Scott Bessent said in a statement.

"Illicit funds channeled through this network support the regime's ongoing terror operations, posing a direct threat to U.S. personnel, regional allies, and the global economy," he said, adding that any institution facilitating or engaging with these networks is at risk of "severe consequences."