US imposes fresh sanctions on Iranian exchange houses, front companies and shadow fleet vessels
&imwidth=600&imheight=450&format=webp&quality=medium "US imposes fresh sanctions on Iranian exchange houses, front companies and shadow fleet vessels")
Treasury Secretary Scott Bessent said Iran’s shadow banking system facilitates illicit transfer of funds for terror. Photograph: (AFP)
The Treasury Department said the Iranian exchange houses facilitate billions of dollars in foreign currency transactions a year, enabling Tehran to evade sanctions and access international financial system, while the front companies oversee hundreds of millions of dollars in transactions.
The United States on Tuesday announced a fresh round of sanctions on shadow banking and shadow fleets as it targeted an Iranian foreign currency exchange house and front companies overseeing transactions on behalf of Iranian banks, maintaining pressure on Tehran for a peace deal.
The US Treasury Department imposed fresh sanctions on the Iran-based Amin Exchange, also known as Ebrahimi and Associates Partnership Company, which it says has a widespread network of front companies spanning multiple jurisdictions, including in the United Arab Emirates, Turkey and Hong Kong.
The US also blocked 19 ‘shadow fleet’ vessels involved in shipping Iranian petroleum and petrochemicals to foreign customers.
Also Read: Standard Chartered plans to cut over 7,000 jobs in AI push, will replace ‘lower-value human capital’
The Treasury Department said on Tuesday that the Iranian exchange houses facilitate billions of dollars in foreign currency transactions a year, enabling the government to evade sanctions and access the international financial system. It added that the front companies oversee hundreds of millions of dollars in transactions on behalf of Iranian banks.
“Iran’s shadow banking system facilitates the illicit transfer of funding for terrorist purposes,” Treasury Secretary Scott Bessent said in a release.
“As Treasury systematically dismantles Tehran’s shadow banking system and shadow fleet under Economic Fury, financial institutions must be alert to how the regime manipulates the international financial system to wreak havoc.”
Treasury dept designates several companies, vessels
The Office of Foreign Assets Control (OFAC) also designated several companies it described as front entities supporting Amin Exchange’s operations. The firms include China-based Ningbo Jiarui Trading Co., Ltd., Hong Kong-based Starshine Petrochemical Corporation Limited, Hong Kong-based Vigorous Trading Limited, UAE-based Alieen Goods Wholesalers LLC, UAE-based Bold Trading FZE, UAE-based Materium Group FZE, Hong Kong-based Bestfortuna Company Limited, and Hong Kong-based Cheng Pan Co., Limited.
Trending Stories
&im=FitAndFill=(700,400))
)
)
)
)
)
)
)
)
)
)
)
)
)
)
&im=FitAndFill=(700,400))
)
)
)
)
)
)
)
)
)
)
)
)
)
&im=FitAndFill=(700,400))
The US also designated 19 shadow fleet vessels for transporting Iranian-origin oil, petroleum products and petrochemicals. The vessels include the Barbados-flagged liquefied petroleum gas tanker Great Sail, the Palau-flagged products tanker Ocean Wave, and the Panama-flagged chemical/oil tanker Swift Falcon.
Under US sanctions rules, any assets linked to these entities within US jurisdiction will be frozen, while American individuals and companies are prohibited from conducting business with them.
