U.S. sanctions 'sprawling' shadow banking network for supporting Iranian military
A group of 50 people and firms across across Hong Kong, the United Arab Emirates and the Marshall Islands that have been acting as a “sprawling shadow banking network” for Iran’s military have been hit with U.S. economic sanctions
WASHINGTON (AP) — A group of 50 people and firms across across Hong Kong, the United Arab Emirates and the Marshall Islands that have been acting as a “sprawling shadow banking network” for Iran's military were hit with economic sanctions Tuesday, the U.S. Treasury Department said.
Treasury’s Office of Foreign Assets Control says the entities and individuals are involved in the sale of Iranian oil and petrochemicals, which have helped Iran's military and government gain illicit access to the international financial system.
The income pays for weapons and funding to proxy groups, including Yemen’s Houthis, as well as drone transfers to Russia, Treasury says.
Iran is accused of supplying Russia with drones that are used to bomb Ukrainian civilians as the Kremlin continues its invasion of Ukraine.
