U.S. targets 'shadow banking' network helping Iran evade sanctions
Source: Reuters
The United States on Thursday imposed sanctions on 39 entities, including many based in the United Arab Emirates and Hong Kong, that Washington said facilitate Iran's access to the global financial system, describing them as a "shadow banking" network that moves billions of dollars.
The U.S. Treasury Department in a statement said those targeted had granted companies previously slapped with Iran-related sanctions, such as Persian Gulf Petrochemical Industry Commercial Co (PGPICC) and Triliance Petrochemical Co Ltd, access to the international financial system and helped them hide their trade with foreign customers.
The latest U.S. move against Iran comes as efforts to revive the 2015 nuclear deal have stalled, while ties between the Islamic Republic and the West have become increasingly strained as Iranians keep up anti-government protests.
Washington has targeted Chinese companies over the export of Iran's petrochemicals as the prospects of reviving the nuclear pact have
Read more: https://www.reuters.com/world/us-targets-shadow-banking-network-helping-iran-evade-sanctions-2023-03-09/