Treasury Targets 10 Iran-Linked Entities in Dollar Network Sanctions

The U.S. Treasury added 10 Iran-connected entities and 16 people to its sanctions list Thursday, targeting banks and intermediaries tied to dollar access and oil proceeds. The designated banks include Iraq’s International Development Bank for Investment and Finance (IDB), Jazireh International Bank Company and Chabahar International Bank Overseas Company. Treasury alleged IDB provided Iran with financial services and access to U.S. dollars, and maintained connections to Iranian government entities and Iran-aligned militia groups in Iraq. Treasury described Jazireh and Chabahar as offshore lenders operating in free-trade zones and using foreign currency. Jazireh is affiliated with Bank Mellat, while Chabahar is affiliated with Bank Shahr. The designations also cover Sayyed Ruhollah Razavi, an oil intermediary; seven employees involved in foreign-exchange operations; and Hong Kong company Elitesphere Trading Co., Limited.

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