The United States on Wednesday announced action against what it described as Iran’s covert “financial infrastructure,” sanctioning 35 entities and individuals accused of facilitating billions of dollars in illicit transactions to evade sanctions.
The United States exerts maximum pressure across every domain to stop the Iranian regime from threatening American interests and to hold it accountable.
In an official press briefing, Department Spokesperson Thomas “Tommy” Pigott outlined the operation, confirming that 35 individuals and entities had been designated for their roles in facilitating illicit financial flows and said the measures are part of a broader “maximum pressure” campaign aimed at curbing Tehran’s ability to threaten American interests and destabilise the region.
These networks, often described as “shadow banking systems,” have allegedly enabled Iran to move tens of billions of dollars across borders while evading international sanctions.
The targeted network operates through “shadow banking” channels that enable Iran to bypass sanctions, transfer funds from illicit oil sales, and procure sensitive components for missile and weapons programmes. These financial routes are also alleged to support groups aligned with Iran across the Middle East.
Thomas said such systems allow entities linked to the Islamic Revolutionary Guard Corps (IRGC) to access the global financial system despite existing sanctions.
Thomas asserted that dismantling these channels is central to its strategy in the ongoing tensions with Iran, adding that further action would follow to disrupt funding streams tied to what it called Tehran’s “malign activities.”
The statement also criticised Iran’s leadership, accusing it of enriching elites while the broader population faces economic hardship.
Reaffirming its stance, he said it would continue efforts to block financial networks that sustain Iran’s military and proxy operations, signalling that pressure on Tehran is unlikely to ease in the near term.
The announcement comes amid heightened tensions in the region, with Thomas pointing to Iran’s alleged involvement in supporting groups such as Hezbollah and Hamas, as well as recent attacks on international shipping routes. Washington has also raised concerns about Iran’s nuclear ambitions, citing non-compliance with obligations under the International Atomic Energy Agency.
In parallel, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued updated guidance warning global businesses about the risks of engaging with Iranian-linked entities, particularly in the oil sector. A specific alert highlighted the role of so-called “teapot refineries” in China, which allegedly process Iranian crude in violation of sanctions.
Companies operating in sectors such as shipping, insurance, and energy are expected to face increased scrutiny, with stricter compliance requirements aimed at preventing sanctions evasion.
Despite the aggressive stance, he maintains that the ultimate goal remains behavioral change. “This is about accountability,” Pigott said. “We will continue to act decisively until Iran ceases its destabilizing activities and complies with international norms.”
As geopolitical tensions persist, today’s action signals that Washington is prepared to intensify its economic campaign, leveraging financial tools as a central pillar of its foreign policy strategy.
The sanctions were issued under authorities including Executive Order 13902 and the counterterrorism-focused Executive Order 13224, reinforcing the broader “maximum pressure” campaign initiated under U.S. national security directives.
Officials say the move aligns with the President’s National Security Presidential Memorandum 2, a framework designed to dismantle Iran’s economic lifelines, the statement said.
Treasury officials revealed that many of the sanctioned entities operate through front companies based in jurisdictions such as Hong Kong, the United Kingdom, and the United Arab Emirates.
These firms allegedly facilitated illicit oil sales and complex money-laundering schemes, often masking transactions through layered ownership structures.
Pigott said, “By dismantling these networks, we are denying the Iranian regime the resources it uses to threaten U.S. interests and our allies,” he said. He also highlighted the disparity between Iran’s ruling elite and its citizens, noting that “while corrupt officials benefit, ordinary Iranians face economic hardship and repression.”
