US Sanctions 35 Individuals and Entities Linked to Iran's Shadow Banking Network

Washington DC: The US Treasury Department has imposed sanctions on 35 individuals and entities connected to Iran's shadow banking network, in a move to tighten the economic stranglehold on Tehran. The action targets those accused of facilitating international financial transactions for Iran's armed forces and the Islamic Revolutionary Guard Corps.

Washington alleges that shell companies have been set up in foreign countries to launder hundreds of millions of dollars, circumventing global restrictions on Iranian banks. The newly sanctioned list includes 'Rahbar' companies and officials associated with them, which the US accuses of operating as conduits for Iran's financial evasion.

Treasury Secretary Scott Bessent said in a statement that the objective of the sanctions was to prevent revenues from prohibited oil sales being channelled into missile production and other military activities.

The move is part of a broader American campaign to economically isolate Iran amid the ongoing conflict in West Asia, with the US simultaneously maintaining a naval blockade on Iranian ports and pressing Tehran through diplomatic and financial pressure on multiple fronts