The U.S. Treasury Department has imposed sanctions on over 30 entities and businesses alleged to have assisted Iran in bypassing sanctions and concealing profits amounting to billions derived from oil and petrochemical exports, which reportedly funded the country’s nuclear and missile initiatives.
The restricted network functioned as a "shadow banking" system utilizing front companies based in locations such as Hong Kong and the United Arab Emirates, according to a statement from the department.
It stated that the aim was to circumvent current sanctions, hide the source of income from oil sales, and channel funds into initiatives tied to the military.
The recently implemented sanctions will now block all assets within the United States belonging to the designated entities and prohibit American citizens from engaging in any commercial activities with them.
These measures also make it difficult for those who are penalized to function globally, particularly when dealing with transactions that involve American currency.
Washington and Tehran are currently involved in talks regarding the future of Iran’s nuclear program.
U.S. President Donald Trump has consistently stated that his objective is "to stop Iran from acquiring nuclear weapons."
Tehran maintains that its nuclear efforts are solely intended for peaceful uses.
Trump has cautioned that military options continue to be an option should diplomatic efforts fall short.
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