World News | US imposes sanctions on Iran shadow banking, drone network

WASHINGTON, March 9 (AP) — The United States on Thursday announced more sanctions on individuals and companies linked to Iran, an illicit banking network it says is used to conceal transactions.

The United States said it imposed penalties on 39 companies linked to a shadow banking system that helps confuse financial activities between sanctioned Iranian companies and their foreign buyers, namely petrochemicals produced in Iran.

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The Treasury Department said the companies — from Hong Kong to the United Arab Emirates — formed a “significant shadow banking network” that provided cover for sanctioned Iranian entities to cover sales of petrochemicals to foreign customers.

“Today’s action demonstrates the United States’ commitment to enforcing our sanctions and our ability to disrupt foreign financial networks that Iran uses to launder money,” Treasury Undersecretary Woli Adjemo said.

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U.S. Secretary of State Anthony Blinken said in a written statement that the U.S. “will continue to thwart attempts to evade U.S. sanctions.”

Thursday’s announcement also included a series of financial penalties against a network of Chinese companies and a person accused of being responsible for the sale and delivery of parts for thousands of drones to Iran.

As the Kremlin continues to invade Ukraine, Iran is accused of supplying Russia with drones it uses to bomb Ukrainian civilians.

Among other things, the sanctions prohibit individuals and companies from acquiring any property or financial assets held in the United States and prevent U.S. companies and citizens from doing business with them.

The sanctions came a day after Iranian prison officials and others were sanctioned over their treatment of young women and girls.

Tensions between the United States and Iran are high amid months of anti-government protests in Iran and Western anger over Iran’s export of attack drones to Russian forces fighting in Ukraine. (Associated Press)

(This is an unedited and auto-generated story from a Syndicated News feed, the content body may not have been modified or edited by LatestLY staff)