Overview

• The Treasury Department designated 22 front companies in Hong Kong, the United Arab Emirates and Turkey for facilitating Iranian oil sales benefiting the IRGC’s Quds Force.
• Sanctions imposed under Executive Order 13224 and National Security Presidential Memorandum-2 bar U.S. transactions and freeze any assets within U.S. jurisdiction.
• Authorities say the network used offshore accounts to transfer hundreds of millions of dollars in oil profits to fund Iran’s nuclear and ballistic missile programs.
• Proceeds from illicit oil trade also bankroll the Islamic Revolutionary Guard Corps’ proxy militias across the Middle East.
• This action builds on a June round targeting shadow banking and follows recent U.S. airstrikes on Iranian nuclear sites to intensify financial and military pressure.