US Sanctions Iran ‘Shadow Banking’ Network

The United States has imposed new sanctions on over 30 individuals and entities linked to Iran’s 'shadow banking' network, which is accused of laundering billions to help Iran evade sanctions and support its nuclear, missile, and proxy activities. Central to the network are Iranian brothers Mansour, Nasser, and Fazlolah Zarringhalam, who operate exchange houses in Iran and front companies in Hong Kong and the UAE. The US Treasury Department's Office of Foreign Assets Control (OFAC) announced the sanctions, which freeze assets of targeted companies, including UAE-registered Ace Petrochem FZE and Moderate General Trading LLC, both connected to Iran’s National Iranian Tanker Company. Despite ongoing nuclear negotiations, the US maintains its 'maximum pressure' campaign on Iran. Iran’s mission to the United Nations has not responded to the sanctions. Talks between the US and Iran remain stalled over disagreements regarding uranium enrichment.