The 'US Treasury' imposes sanctions on 9 companies and 4 individuals as part of an Iranian network to circumvent sanctions

The United States announced on Friday the imposition of sanctions on nine companies and four individuals linked to the network of Iranian businessman Babak Zanjani, who has been on the US sanctions list since January last year, due to their role in helping him evade sanctions.

The US Treasury Department stated in a statement that the sanctions imposed by the Office of Foreign Assets Control (OFAC) targeted key elements of Zanjani’s extensive network, which was used to circumvent US sanctions.

It added that Zanjani relied on a diverse range of business activities, including financial services, gold and gemstone production, and digital asset trading, alongside projects in the transportation and infrastructure sectors, to conceal ownership, launder proceeds, and expand his ability to secretly transfer funds within and outside Iran.

The statement quoted US Treasury Secretary Scott Bessent as saying that “the Iranian regime continues to pay a steep economic price for its reckless behavior,” pointing to the decline of the Iranian rial to record lows and rising inflation rates.

Bessent affirmed that the Treasury Department would continue to target networks that enable the Iranian regime, its financiers, and its facilitators to access financial resources, thereby strengthening the implementation of US sanctions.