U.S. Sanctions Clamp Down on Iran's Financial Web

The U.S. has announced new sanctions targeting individuals and entities financing Iran's military. This includes actors in Hong Kong and the UAE who facilitate funds transfers from Iranian oil sales benefiting Iran's military and the IRGC. The sanction targets evade restrictions using complex banking networks.

In a bid to cut off financial support for Iran's military initiatives, the U.S. has launched a new wave of sanctions. These include individuals and entities in several countries, notably Hong Kong and the United Arab Emirates, that allegedly funnel money from Iranian oil sales to military operations.

According to the U.S. Treasury Department, these sanctions aim at dismantling 'shadow banking' networks tied to the Islamic Revolutionary Guard Corp-Quds Force and Iran's defense ministry. Such networks, accused of bypassing international regulations, reportedly use front companies and cryptocurrencies to facilitate transactions.

The restrictions underscore Washington's stance, barring American businesses and citizens from engaging with the sanctioned parties involved in Tehran's controversial financial maneuvers.

(With inputs from agencies.)