Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

US targets ‘shadow banking’ network helping Iran evade sanctions

US targets ‘shadow banking’ network helping Iran evade sanctions

The United States on Thursday imposed sanctions on 39 entities, including many based in the United Arab Emirates and Hong Kong, that Washington said facilitate Iran’s access to the global financial system, describing them as a “shadow banking” network that moves billions of dollars.
The US Treasury Department in a statement said those targeted had granted companies previously slapped with Iran-related sanctions, such as Persian Gulf Petrochemical Industry Commercial Co. (PGPICC) and Triliance Petrochemical Co. Ltd, access to the international financial system and helped them hide their trade with foreign customers.

The latest US move against Iran comes as efforts to revive the 2015 nuclear deal have stalled, while ties between the mullah-ruled country and the West have become increasingly strained as Iranians keep up anti-government protests.

Washington has targeted Chinese companies over the export of Iran’s petrochemicals as the prospects of reviving the nuclear pact have dimmed.

“Iran cultivates complex sanctions evasion networks where foreign buyers, exchange houses, and dozens of front companies cooperatively help sanctioned
Iranian companies to continue to trade,” said Deputy Treasury Secretary Wally Adeyemo. He said the new measures showed the US commitment to enforcing sanctions and its “ability to disrupt Iran’s foreign financial networks, which it uses to launder funds.”

Liu Pengyu, spokesman for China’s embassy in Washington said the US actions had no basis in international law and were “typical unilateral sanctions and illegal ‘long-arm jurisdiction’” that were detrimental to Chinese interests.

“We deplore and reject this move,” he said, adding China had “actively promoted peace talks and sought a political solution” in Ukraine, while the United States “has been fanning the flame and fueling the fight with more weaponry.”

Iran’s mission to the United Nations in New York did not immediately respond to a request for comment.

Thursday’s move freezes any US assets of those designated and generally bars Americans from dealing with them. Those that engage in certain transactions with them also risk being hit by sanctions.

Many of the entities designated on Thursday are based in the UAE and Hong Kong, according to the Treasury website. The Treasury accused companies operating out of Hong Kong — including Foraben Trading Limited, Hongkong Well International Trading Limited, and Salita Trade Limited — of transferring millions of dollars related to petrochemical sales to China.

The Treasury Department’s top sanctions official, Brian Nelson, traveled to the UAE earlier this year, where he planned to warn officials about “poor sanctions compliance,” a department spokesperson said at the time.

Nelson also visited Turkiye on the trip to warn that Washington will continue to aggressively enforce its sanctions.

Among those designated on Thursday were two Turkiye-based entities, as well as Iran-based Mehr Petrochemical Company.

Brian O’Toole, a former Treasury Department official, said Thursday’s action would put a dent in Iran’s ability to keep moving oil and get paid for it.

“This is a pretty big deal, because this kind of thing should have an impact on what Iran is able to sell,” O’Toole said.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Trump Proposes Supplying Arms to Ukraine Through NATO Allies
US Opens First Rare Earth Mine in Over 70 Years in Wyoming
Bitcoin Reaches New Milestone of $116,000
Severe Heatwave Claims 2,300 Lives Across Europe
Declining Beer Consumption Signals Cultural Shift in Germany
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Massive Anti-Government Protests Erupt in Belgrade
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Hungary's Prime Minister Criticizes NATO's Role in Ukraine
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Hungarian Scientist to Conduct 30 Research Experiments on the International Space Station
NATO Members Agree to 5% Defense Spending Target by 2035
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
International Astronaut Team Launched to Space Station
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
Oil Prices Set to Surge After US Strikes Iran
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
×