Treasury Sanctions Iran Shipping, Banking Networks

From Newsmax.com (May 19):

The Treasury Department announced new sanctions Tuesday targeting businesses, vessels, and financial networks accused of helping Iran move billions of dollars through oil sales, foreign currency exchanges and covert shipping operations despite existing U.S. sanctions.

The action targets more than 50 companies, individuals and vessels that Treasury said helped Iran access the international financial system and move money tied to oil, petrochemical and other commercial transactions.

"Iran's shadow banking system facilitates the illicit transfer of funding for terrorist purposes," Treasury Secretary Scott Bessent said.

"As Treasury systematically dismantles Tehran's shadow banking system and shadow fleet under Economic Fury, financial institutions must be alert to how the regime manipulates the international financial system to wreak havoc," he added.

Treasury said Iranian exchange houses and front companies use networks across multiple countries to process foreign currency transactions, move money for sanctioned Iranian banks and disguise the origin of Iranian oil and petrochemical exports.

Treasury accused some companies of managing cross-border money laundering operations, while others allegedly arranged payments tied to Iran’s petroleum, metals, manufacturing and automobile industries.

Treasury also targeted vessels accused of transporting Iranian oil, liquefied petroleum gas, petrochemicals and fuel products through shipping networks operating under multiple national flags.

The sanctions campaign aims to reduce revenue available to Iran’s government and the Islamic Revolutionary Guard Corps.

"Treasury is aggressively advancing Economic Fury and has disrupted billions in projected oil revenue, taken actions that have led to the freezing of nearly half a billion dollars in regime-linked cryptocurrency, and cracked down on Tehran's shadow banking networks," the department said.

The Trump administration warned foreign companies and financial institutions that they could also face penalties if they help facilitate Iranian commerce or sanctions evasion.

The latest action follows other recent Treasury enforcement efforts tied to Iran sanctions.

One case announced Monday involved a settlement with a company tied to Indian billionaire Gautam Adani after Treasury accused it of arranging liquefied petroleum gas imports that allegedly originated in Iran.

Treasury said the imports were routed through a Dubai-based supplier claiming the gas came from Oman and Iraq, but investigators concluded warning signs should have alerted the company to the fuel’s Iranian origin.

The company agreed to pay $275 million and adopt additional compliance measures to settle potential sanctions violations. [source]

Good! It would be better if the IRGC's bank accounts were frozen, but a still pretty good tactics to put pressure on them.