US sanctions Iranian shadow banking network handling oil revenues

The United States has sanctioned nearly 50 entities and individuals in a shadow banking network that it says has processed billions of dollars in transactions since 2020 for Iran's defence ministry, MODAFL, and the Islamic Revolutionary Guard Corps, gCaptain reports. The funds stem from sales of Iranian oil and petrochemicals and have paid for drone development, weapons for regional proxies including Yemen's Houthis, and drone transfers to Russia, according to the report. Deputy Treasury Secretary Wally Adeyemo said the administration had sanctioned "hundreds of targets" involved in Iran's illicit oil trade. The designations were made under counter-terrorism authority Executive Order 13224.

This is a summary in our own words of the linked reporting. Allegations are those of the source. How we report.