The US imposed sanctions on the "shadow banking" network

On Tuesday, June 25, the U.S. Treasury Department announced sanctions against nearly 50 legal entities and individuals who are part of Iran's "shadow banking" network, through which it illegally receives income.

This is stated in the report of the department.

According to the United States, the Ministry of Defense and Logistics of the Iranian Armed Forces and the Islamic Revolutionary Guard Corps (IRGC) use the network to illegally access the international financial system and conduct transactions worth billions of dollars.

These Iranian entities, among other things, sell oil and petrochemical products, concealing the income earned abroad and using it, in particular, "for the purchase and development of advanced weapons systems, such as unmanned aerial vehicles."

"These revenues also contribute to the provision of weapons and funding to Iran's regional proxy groups, including the Yemeni Houthis, who continue a campaign of reckless attacks on global shipping, as well as the transfer of drones to Russia for use in its war of aggression against Ukraine," the US Treasury Department states.

The Ministry of Defense and Logistics of the Iranian Armed Forces is responsible for the development, production, financing, and logistics of all Iranian defense industries.

Author - Olena Madiak, 25/06/2024