Washington targets 8 Canadian financial firms for circumventing Iran sanctions
The US Treasury Department imposed sanctions on Canadian companies and a cryptocurrency firm for allegedly aiding Iran.
Translated by Qiyas from النهار — Original source
Washington – Agencies: The U.S. Department of the Treasury announced yesterday the imposition of financial sanctions on eight financial services companies operating in Canada, accusing them of facilitating transactions on behalf of Iranian entities subject to U.S. sanctions. The move is part of an escalation in economic pressure on Tehran and efforts to pursue networks that Washington says help them circumvent sanctions. The sanctions isolate the targeted companies from the dollar-based financial system, freeze any assets they hold within the United States, and prohibit their dealings with U.S. individuals and entities. The step comes as part of a series of measures taken by the U.S. Treasury Department against companies and financial intermediaries outside the United States, accusing them of providing financial channels to Iran that enable it to bypass imposed restrictions.
U.S. Treasury Secretary Scott Bessent said that Canada cannot serve as a safe haven for illegal financial intermediaries who provide services to circumvent sanctions on behalf of the Iranian regime and its affiliates. He added that his department will continue to pursue and disrupt Iranian financial channels around the world. The U.S. Treasury Department identified eight companies headquartered in Ontario and British Columbia in Canada.
In a parallel move, the Treasury Department’s Financial Crimes Enforcement Network announced the issuance of an order to isolate the digital currency trading company “Mix” from the U.S. financial system, citing transactions that Washington says are linked to circumventing sanctions on Iran, North Korea, and Russia. The Network, the U.S. unit responsible for combating money laundering, stated that the decision prohibits U.S. financial institutions from processing financial transfers involving “Mix Global,” which is registered in the Seychelles. The Network accused the company of facilitating illegal transactions linked to the three countries, valued at no less than $16 billion, as well as conducting transactions with other entities listed on U.S. sanctions lists.
These recent measures reflect the broadening scope of the U.S. campaign to pursue intermediaries and companies that Washington accuses of providing alternative financial channels for sanctioned states and entities, in an effort to restrict their access to the international financial system.
