U.S. targets Iran's banking system, companies with new sanctions
Summary
The Trump administration announced new sanctions targeting Iran's banking system and companies accused of laundering money to support Iran's exports and military activities. These measures aim to cut off Iran's financial networks and pressure the country to negotiate over the Strait of Hormuz conflict.Key Facts
- The U.S. Treasury imposed its eighth round of sanctions related to Iran.
- Targets include Shahr Bank in Iran and two currency exchange companies based in Dubai.
- These entities allegedly helped Iran move oil revenue for major exporters like the National Iranian Oil Company.
- Several Iranian individuals involved in money transfers and currency conversions were also sanctioned.
- A group of shell companies in Hong Kong, Singapore, and Dubai was designated for funneling payments through hidden accounts.
- The Treasury also sanctioned a former Iraqi airline CEO for helping Iran’s Revolutionary Guard move fighters and weapons.
- The sanctions are part of efforts to pressure Iran to reopen the Strait of Hormuz and end ongoing conflict.
- President Donald Trump said negotiations are progressing and a deal could be announced soon.
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