Overview

• The U.S. Treasury sanctioned entities in Hong Kong, UAE, and Marshall Islands involved in a 'shadow banking network.'
• Sanctioned groups allegedly facilitated billions in transactions for Iran's Ministry of Defense and the IRGC.
• Funds were used to support proxy groups like Yemen's Houthis and for drone transfers to Russia.
• The sanctions freeze U.S. assets of the targeted entities and bar Americans from dealing with them.
• This action follows previous sanctions against Iranian drone producers and other financial networks.