US sanctions 35 individuals and entities for helping Iran evade sanctions

The United States has imposed new sanctions on 35 individuals and entities for helping it evade sanctions on Iran. The US government said on Tuesday (April 28) that the individuals and entities were involved in Iran’s so-called ‘shadow banking’ network. They are accused of helping to transfer billions of dollars related to Iran to evade sanctions and sponsoring terrorism. Reuters reported this news.
The US Treasury Department’s Office of Foreign Assets Control (OFAC) has warned that the relevant entities will also face severe sanctions if they pay ‘tolls’ to the Iranian government or the Islamic Revolutionary Guard Corps (IRGC) for passage through the Strait of Hormuz.
The US Treasury Department said that the network has given Iran’s armed forces, particularly the IRGC, access to the international financial system. This access has been used to receive money from illicit oil sales, purchase sensitive components for missiles and other weapons systems, and send money to Iranian proxies.
US Treasury Secretary Scott Besant said in a statement that Iran’s shadow banking system serves as a critical financial lifeline for its armed forces, disrupting global trade and fueling violence in the Middle East. He added that the illicit money transferred through this network supports terrorist activities and poses a direct threat to US military personnel, regional allies, and the global economy.