The U.S. Department of State announced the identification of 22 entities linked to a network involved in illicit oil trade on behalf of Iran’s regime.
“This network has used foreign front companies to transfer funds supporting the Islamic Revolutionary Guard Corps-Quds Force and Tehran’s terror campaigns, which undermine international peace and security and bolster their ballistic missile programs,” stated the Washington diplomacy.
The Department of State indicated that the companies are based in Hong Kong, the United Arab Emirates, and Turkey as part of this network to help sanctioned Iranian governmental entities generate revenue from oil sales and other commodities already under U.S. sanctions.
In a separate statement, the Department of the Treasury detailed the use of offshore accounts to transfer hundreds of millions of dollars in profits from Iranian oil sales, to circumvent sanctions and channel funds back.
“The Iranian regime heavily relies on its parallel banking system to fund its destabilizing nuclear and ballistic missile programs, which threaten the United States and our regional allies,” commented Treasury Secretary Scott Bessent in a social media post related to the recently announced sanctions.
These restrictions are the second wave targeting financial structures facilitating the sale of Iranian crude since U.S. President Donald Trump signed a memorandum in February to activate a “maximum pressure” campaign against Tehran.
“The United States will continue to deny Iran access to financial networks and the global banking system as long as Iran pursues destabilizing activities,” affirmed the Department of State in the same communication, also threatening accountability for those undermining international peace and security.
Representatives from Washington and Tehran are expected to meet in the coming days in Oslo, Norway, following a 12-day military offensive initiated by Israel on June 13, claiming Iran was close to acquiring a nuclear weapon, a claim refuted by the Islamic Republic.
Subsequently, on June 22, the United States conducted an air raid on Iran’s nuclear facilities in Fordo, Natanz, and Isfahan.
Following these events, both sides agreed to a cease-fire, halting their respective bombardments, which resulted in over a thousand deaths in Iran and 28 in Israel.
