US imposes fresh sanctions on Iranian currency exchange house

“US imposes fresh sanctions on Iranian currency exchange house The US has imposed sanctions on an Iranian foreign currency exchange house and what it said were front companies overseeing transactions on behalf of Iranian banks. The Treasury Department imposed sanctions on the Iran-based Amin Exchange, also known as Ebrahimi and Associates Partnership Company, which it said has a widespread network of front companies spanning multiple jurisdictions, including in the UAE, Turkey, and Hong Kong. The US also blocked 19 vessels it said were involved in shipping Iranian petroleum and petrochemicals to foreign customers. The Treasury Department said Iranian exchange houses facilitate billions of dollars in foreign currency transactions a year, enabling the government to evade sanctions and access the international financial system. It said the front companies oversee hundreds of millions of dollars in transactions on behalf of Iranian banks. "Iran’s shadow banking system facilitates the illicit transfer of funding for terrorist purposes," Treasury Secretary Scott Bessent said in a release. "As Treasury systematically dismantles Tehran’s shadow banking system and shadow fleet under Economic Fury, financial institutions must be alert to how the regime manipulates the international financial system to wreak havoc." The sanctions block US assets of those designated and prevent Americans from doing business with them. The US also designated vessels for transporting Iranian-origin oil, petroleum products and petrochemicals.

Summary generated from the RSS feed of Middle East Eye. All article rights belong to the original publisher. Click through to read the full piece on www.middleeasteye.net.