Washington: The US Department of the Treasury's Office of Foreign Assets Control (OFAC) has designated 18 entities and individuals, highlighting their crucial roles in aiding the Iranian regime's revenue generation and circumvention of US sanctions.
According to Kuwait News Agency, the press release from the Treasury emphasizes that Iran, facing significant financial challenges due to international isolation, has developed complex banking systems and alternative payment messaging methods. These innovations are tailored to bypass sanctions and safeguard its ability to collect export revenues, especially from illicit petroleum sales. These mechanisms also support the regime's ongoing funding of its proxies and the oppression of the Iranian populace.
The designated financial and information technology firms have reportedly supplied the regime with advanced surveillance tools. These technologies are employed by Iran's security services to curb internet access and target women who defy the regime's mandatory hijab rules, as per the statement.
Secretary of the Treasury Scott Bessent remarked that due to President Trump's maximum pressure campaign and the regime's growing isolation from the global financial sphere, Iran is running out of safe havens. Bessent affirmed that the Treasury will persist in disrupting Iran's schemes to evade sanctions, restrict its revenue access, and deprive its weapons programs of capital to safeguard the American people.
The current action is executed under Executive Order 13902, targeting sectors within the Iranian economy, including the financial sector. It aligns with National Security Presidential Memorandum 2, which mandates a campaign of maximum economic pressure on Iran.
The Treasury reiterated its commitment to using all available measures to thwart Iran's attempts to circumvent sanctions and reclaim illicit foreign revenues. This is evidenced by recent sanctions on the Islamic Revolutionary Guard Corps (IRGC) and the Zarringhalam family "shadow banking" networks, along with the expansive Shamkhani shipping network, which has generated extensive revenue that is laundered through these networks. President Donald J. Trump reinforced this stance on February 4, 2025, by signing a National Security Presidential Memorandum to restore maximum pressure on Iran and counter its malign influence abroad, as stated in a White House Fact Sheet.