U.S. says it sanctioned Iranian shipping, financial networks

The U.S. on Tuesday sanctioned several Iranian regime currency exchange houses as well as associated personnel and front companies, the State Department said in a statement.

The U.S. also sanctioned 19 vessels “that collectively enable Iran’s regime to evade international sanctions and fund its destabilizing activities across the Middle East.”

“As part of the Economic Fury campaign, this action targets the shadow financial system and illicit shipping operations that allow Iran to move billions of dollars annually from oil and petrochemical sales, directly supporting the regime’s military operations and its proxies throughout the region,” the State Department said.

The U.S. said the Amin Exchange was targeted, with the State Department describing it as “a major Iranian currency exchange house that operates through a network of front companies in the United Arab Emirates, Turkey, and China, including Hong Kong, to launder money for sanctioned Iranian banks and state-owned enterprises.”

The U.S. Treasury said it “is also prepared to take action against any foreign company supporting illicit Iranian commerce, including airlines, and, as necessary, may impose secondary sanctions on foreign financial institutions that facilitate Iran’s activities—including those connected to the People’s Republic of China’s independent ‘teapot’ oil refineries.”