Iran’s shadow banking targeted with sanctions

The U.S. Treasury imposed sanctions on over 30 individuals and entities tied to a “shadow banking” network accused of laundering billions for Iran through the global financial system.

The network, involving Iranian nationals and entities in the UAE and Hong Kong, allegedly supports Iran’s oil sales, missile and nuclear programs, and regional militant proxies.

This marks the first sanctions targeting Iran’s financial infrastructure since the Trump administration reinstated its “maximum pressure” campaign in February.

Treasury Secretary Scott Bessent called the shadow system a “critical lifeline” for Tehran’s destabilizing activities.

The sanctions focus on three Iranian brothers—Mansour, Nasser, and Fazlolah Zarringhalam—who operate exchange houses in Iran and front companies abroad.

Two UAE firms, Ace Petrochem and Moderate General Trading LLC, were added to the U.S. blacklist for links to the sanctioned National Iranian Tanker Company.

Negotiations over Iran’s nuclear program remain stalled amid disagreements on uranium enrichment.