The United States has announced fresh Iran-related sanctions targeting 16 individuals and 10 entities, as Washington tightens economic pressure on Tehran amid a continuing standoff and disruptions in the Strait of Hormuz.
The US Treasury Department said the measures, announced on Thursday local time, aim to disrupt Tehran's alleged international financial networks, shadow banking operations and channels used to finance its military and regional proxy groups.
Treasury Secretary Scott Bessent said the administration would keep targeting Iran's financial lifelines. In a post on X, he wrote: "The noose is tightening around Iran's economy, and not even Iran's so-called allies can save it. The Department of the Treasury will not relent until the Iranian regime's coffers are empty and every remaining financial lifeline sustaining its war machine has been severed."
'Operation Economic Outcast'
The latest action was carried out under Operation Economic Outcast and targeted what the Treasury described as Iran's efforts to access the international financial system through an Iraqi bank that it alleged also supported Iranian-backed militia groups. The department said the action dismantles institutions — including offshore banks and shadow financiers that it says moved hundreds of millions of dollars through shell companies and foreign-exchange specialists across the Middle East and Asia — severing revenue streams that sustain Iran's military and proxy forces.
The measures were taken under Executive Order 13902, which targets sectors of the Iranian economy including the financial and petroleum sectors.
Among the entities designated is Iraq-based International Development Bank for Investment and Finance, which the Treasury accused of providing financial facilitation services and US dollar access to Iran, alleging links with Iranian government entities and Iran-aligned militia groups in Iraq. Also targeted are Iran-based Jazireh International Bank Company and Chabahar International Bank Overseas Company, described as offshore banks affiliated with Bank Mellat and Bank Shahr respectively.
Iranian national Sayyed Ruhollah Razavi was designated as an alleged oil intermediary who helped sell Iranian oil and repatriate the proceeds through clandestine banking networks, having previously facilitated overseas shipments of millions of barrels of oil each month on behalf of the National Iranian Oil Company and its subsidiary Naftiran Intertrade Company. Two Iranian companies associated with him — Tejarat Gostar Atlas Parsian Kish Company and Farzanegan Energy Pars Company — are also targeted.
The Treasury also sanctioned seven employees of Farab Sorough Qeshm Company, an affiliate of Iran's Shahr Bank, alleging they coordinated foreign-exchange transactions linked to Iranian oil sales companies and brokers through shell companies in Hong Kong and the United Arab Emirates.
Separately, the US State Department is designating Cuba-based Banco Internacional de Comercio S.A. under Executive Order 14404 for operating in Cuba's financial services sector, with the Treasury alleging it provided services to Iran-based Karafarin Bank since at least 2022.
The Treasury said Operation Economic Outcast, announced by Bessent on August 24, seeks to identify and disrupt the networks Iran allegedly uses to generate revenue, evade sanctions and transfer funds abroad, warning that entities facilitating money laundering or sanctions evasion on Iran's behalf risk losing access to the US financial system.
Sources:
- "Noose is tightening around Iran's economy": US announces new sanctions targeting 16 people, 10 entities — The Tribune
The US Treasury Department said the measures, announced on Thursday local time, aim to disrupt Tehran's alleged international financial networks, shadow banking operations and channels used to finance its military and regional proxy groups.
Treasury Secretary Scott Bessent said the administration would keep targeting Iran's financial lifelines. In a post on X, he wrote: "The noose is tightening around Iran's economy, and not even Iran's so-called allies can save it. The Department of the Treasury will not relent until the Iranian regime's coffers are empty and every remaining financial lifeline sustaining its war machine has been severed."
'Operation Economic Outcast'
The latest action was carried out under Operation Economic Outcast and targeted what the Treasury described as Iran's efforts to access the international financial system through an Iraqi bank that it alleged also supported Iranian-backed militia groups. The department said the action dismantles institutions — including offshore banks and shadow financiers that it says moved hundreds of millions of dollars through shell companies and foreign-exchange specialists across the Middle East and Asia — severing revenue streams that sustain Iran's military and proxy forces.
The measures were taken under Executive Order 13902, which targets sectors of the Iranian economy including the financial and petroleum sectors.
Among the entities designated is Iraq-based International Development Bank for Investment and Finance, which the Treasury accused of providing financial facilitation services and US dollar access to Iran, alleging links with Iranian government entities and Iran-aligned militia groups in Iraq. Also targeted are Iran-based Jazireh International Bank Company and Chabahar International Bank Overseas Company, described as offshore banks affiliated with Bank Mellat and Bank Shahr respectively.
Iranian national Sayyed Ruhollah Razavi was designated as an alleged oil intermediary who helped sell Iranian oil and repatriate the proceeds through clandestine banking networks, having previously facilitated overseas shipments of millions of barrels of oil each month on behalf of the National Iranian Oil Company and its subsidiary Naftiran Intertrade Company. Two Iranian companies associated with him — Tejarat Gostar Atlas Parsian Kish Company and Farzanegan Energy Pars Company — are also targeted.
The Treasury also sanctioned seven employees of Farab Sorough Qeshm Company, an affiliate of Iran's Shahr Bank, alleging they coordinated foreign-exchange transactions linked to Iranian oil sales companies and brokers through shell companies in Hong Kong and the United Arab Emirates.
Separately, the US State Department is designating Cuba-based Banco Internacional de Comercio S.A. under Executive Order 14404 for operating in Cuba's financial services sector, with the Treasury alleging it provided services to Iran-based Karafarin Bank since at least 2022.
The Treasury said Operation Economic Outcast, announced by Bessent on August 24, seeks to identify and disrupt the networks Iran allegedly uses to generate revenue, evade sanctions and transfer funds abroad, warning that entities facilitating money laundering or sanctions evasion on Iran's behalf risk losing access to the US financial system.
Sources:
- "Noose is tightening around Iran's economy": US announces new sanctions targeting 16 people, 10 entities — The Tribune
