Introduction
The U.S. has imposed sanctions on over 30 individuals and entities associated with a "shadow banking" network that has allegedly laundered billions of dollars linked to Iran.Context
On June 6, the Treasury Department announced sanctions specifically targeting Iranian nationals and certain entities based in the United Arab Emirates and Hong Kong. These actions come as the Trump administration seeks resolution with Tehran regarding its controversial nuclear program. Among the sanctioned entities are at least two companies connected to Iran's national tanker company.Developments
According to Treasury Secretary Scott Bessent, Iran’s shadow banking system plays a vital role for the regime, enabling access to oil sale proceeds and facilitating the funding of destabilizing activities across the Middle East. The U.S. government suspects that this network supports Iran's nuclear and missile initiatives, along with the financing of militant groups.This new round of sanctions is the first since Trump reinstated "maximum pressure" on Iran in February. Efforts to negotiate with Iran on its nuclear ambitions have stalled due to disagreements over uranium enrichment terms.
The individuals targeted include the Zarringhalam brothers—Mansour, Nasser, and Fazlolah—who are reported to have laundered billions through the global financial system. They are known to operate exchange houses in Iran alongside a network of front companies in Hong Kong and the UAE, though their exact locations remain unspecified.
Additionally, Treasury's Office of Foreign Assets Control has designated Ace Petrochem FZE and Moderate General Trading LLC, both based in the UAE, to its Specially Designated Nationals list. This designation freezes any U.S. assets tied to these entities, which are linked to the sanctioned National Iranian Tanker Company involved in the sale of Iranian oil.