The department stated the individuals and companies work to finance nuclear missile programs
The Treasury Department’s Office of Foreign Assets Control (OFAC) recently sanctioned 30 more entities that it alleges are associated with Iran’s “shadow banking” network that launders money to finance the country’s nuclear and missile development programs.
The sanctions target both companies and individuals, some of which are located in the United Arab Emirates and Hong Kong, and are the first round of new sanctions targeting the network since President Donald Trump promised to put “maximum pressure” on Iran’s financing network in February. President Trump’s administration seeks to forge a new nuclear agreement with Iran, but disagreements have arisen in negotiations regarding uranium enrichment allowances.
“Iran’s shadow banking system is a critical lifeline for the regime through which it accesses the proceeds from its oil sales, moves money, and funds its destabilizing activities,” Treasury Secretary Scott Bessent said. “Treasury will continue to leverage all available tools to target the critical nodes in this network and disrupt its operations, which enrich the regime’s elite and encourage corruption at the expense of the people of Iran.”
As the Lord Leads, Pray with Us…
- For President Trump and Secretary Bessent as they seek leverage to come to a nuclear agreement with Iran.
- For discernment for Secretary Bessen and OFAC Director Bradley Smith as they implement sanctions against those financing terrorism.
Sources: Reuters, Daily Wire
