US Treasury imposes sanctions on three financial entities linked to Iran

The U.S. Department of the Treasury imposed new sanctions related to Iran on Friday, targeting a financial institution based in Turkey and two of its subsidiaries, as part of an “economic pariah” campaign aimed at cutting off the financial channels used by the Iranian regime.

In a statement, the U.S. Treasury said the targeted financial institution and its two subsidiaries facilitated transactions worth tens of millions of dollars for the Quds Force, a branch of Iran’s Islamic Revolutionary Guard Corps, and provided the Iranian regime with access to international banking services that enable it to transfer funds across borders.

It noted that the financial institution provided banking services to Iranian financial institutions, enabling transactions through accounts controlled by the Quds Force and its proxies.

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The Treasury added that the sanctions were imposed under Executive Order 13902, which targets specific sectors of the Iranian economy, including the financial sector.

U.S. Treasury Secretary Scott Bessent said that financial institutions are aware that Washington is serious about implementing the “economic pariah” campaign, and he affirmed that the United States would continue to take action in coordination with its allies and partners against entities supporting the Iranian regime.