America punishes 35 individuals and entities for helping Iran evade sanctions

The US government announced on Tuesday the imposition of sanctions on 35 entities and individuals for their role in the parallel banking system in Iran, accusing them of facilitating the transfer of tens of billions of dollars linked to sanctions evasion and Iran’s sponsorship of terrorism.

The US Department of the Treasury’s Office of Foreign Assets Control also warned that any company that pays “transit” fees to the Iranian government or to the Iranian Revolutionary Guard in exchange for passage through the Strait of Hormuz will face significant penalties.

The Treasury Department said that the sanctions announced on Tuesday targeted networks that helped the Iranian Armed Forces and Revolutionary Guard access the international financial system to receive payments for illicit oil sales, purchase sensitive components for missiles and other weapons systems, and transfer money to groups linked to Iran.

Treasury Secretary Scott Besent said in a statement, “Iran’s parallel banking system constitutes a vital financial lifeline for its armed forces, enabling activities that disrupt global trade and fuel violence across the Middle East.”

He added, “The illicit funds pumped through this network support the regime’s ongoing terrorist operations and constitute a direct threat to American forces and allies in the region and the global economy,” noting that any institution that facilitates the work of these networks or deals with them is exposed to “severe consequences.”