US issues new Iran-related sanctions, targeting alleged financial network

Tehran - BORNA - The US Department of the Treasury said in a statement on its website on Tuesday that it had designated four Iranian nationals and a dozen companies in Hong Kong and the United Arab Emirates (UAE) for their roles in funds transfers benefiting Iran.

The designations by the US Treasury’s Office of Foreign Assets Control (OFAC) included Alireza Derakhshan, Vahid Derakhshan, Arash Estaki Alivand, and Leila Karimi, four individuals who OFAC claimed had used a network of front companies in Hong Kong and the UAE to facilitate Iran-related transactions.

It said the transactions included the purchase of $100 million worth of cryptocurrency for oil sales for the Iranian government, as well as funds transfers for the purchase of products on behalf of the Iranian armed forces and defense ministry.

The Treasury said the sanctions issued on Tuesday are the second such action taken against the so-called Iranian shadow banking network since February 4, when US President Donald Trump signed a presidential memorandum ordering a campaign of maximum pressure on Iran.

Iran has repeatedly dismissed the significance of US sanctions and their impacts on the country's ability to export oil and receive its proceeds.

Reports and figures published by major international data analytics firms have shown that Iran has been able to sell more oil since Trump began his second term in office in January.

Iranian authorities say US sanctions are desperate attempts by Washington to force Iran to change its political and military strategies.

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