US imposes ban on 35 Iranian individuals, entities linked to “Shadow Banking”

The United States has imposed new sanctions on 35 individuals and entities linked to Iran’s so-called “shadow banking” system, accusing them of facilitating illicit financial transactions, the US Treasury Department said.

The move comes amid ongoing deadlock in ceasefire-related diplomatic efforts, with Washington increasing pressure on Tehran.

US Treasury Secretary Scott Bessent said the sanctioned network has enabled the transfer of “tens of billions of dollars” in illicit funds, which he claimed are being used to support “terrorist activities.”

“These funds pose a direct threat to US personnel, regional allies, and the global economy,” Bessent said, adding that any institution engaging with the network would face “severe consequences.”

Under the sanctions, all assets of the designated individuals and entities in the United States will be frozen, and American citizens and companies are prohibited from conducting any transactions with them.

The announcement marks the latest escalation in financial restrictions targeting Iran’s banking and financial networks.

(Source: Al Jazeera)