US targets ‘vast network’ for evading Iran sanctions

Published March 27, 2019
The Treasury announces it has hit a “vast network” of 25 people, firms and Iranian government agencies with sanctions.— AP/File
The Treasury announces it has hit a “vast network” of 25 people, firms and Iranian government agencies with sanctions.— AP/File

WASHINGTON: The Trump administration moved on Tuesday to break up a group of Iranian-linked companies that has transferred around $1 billion to Iran in violation of US sanctions on the country.

The Treasury announced it had hit a “vast network” of 25 people, firms and Iranian government agencies with sanctions for evading penalties the US put in place last year after withdrawing from the 2015 Iran nuclear deal.

The sanctions freeze any assets they may have in US jurisdictions and bar Americans from doing business with them. But they also open any foreign company or person to US sanctions if they do business with the targeted entities.

The action identifies four firms in Iran, Turkey and the United Arab Emirates as front companies for Iran’s Ansar Bank, which has been funneling money to Iran’s Revolutionary Guard Corps and related groups in violation of US sanctions.

Treasury said the companies had sent roughly $800 million to the bank, which had passed the cash on to the IRGC, its Quds Force component and Iran’s defence ministry. The money was used to pay salaries for employees and foreign fighters, particularly in Syria.

“We are targeting a vast network of front companies and individuals located in Iran, Turkey, and the UAE to disrupt a scheme the Iranian regime has used to illicitly move more than a billion dollars in funds,” Treasury said in a statement.

The step also imposed an additional layer of sanctions on the defence ministry, which had been previously penalized for development of weapons of mass destruction. The new layer adds support for terrorism to the designation.

Tuesday’s move comes as the administration increases what it calls a “maximum pressure” campaign against Iran that focuses heavily on denying it revenue from oil exports.

On Monday, Treasury renewed a warning to international shipping and port operators, advising them of potential sanctions if they allow Iranian tankers into their facilities. It also warned them that exposure to liability claims because most Iranian vessels are self-insured and not able to cover damage costs in the event of an accident.

Published in Dawn, March 27th, 2019

Opinion

Editorial

Kurram atrocity
Updated 22 Nov, 2024

Kurram atrocity

It would be a monumental mistake for the state to continue ignoring the violence in Kurram.
Persistent grip
22 Nov, 2024

Persistent grip

An audit of polio funds at federal and provincial levels is sorely needed, with obstacles hindering eradication efforts targeted.
Green transport
22 Nov, 2024

Green transport

THE government has taken a commendable step by announcing a New Energy Vehicle policy aiming to ensure that by 2030,...
Military option
Updated 21 Nov, 2024

Military option

While restoring peace is essential, addressing Balochistan’s socioeconomic deprivation is equally important.
HIV/AIDS disaster
21 Nov, 2024

HIV/AIDS disaster

A TORTUROUS sense of déjà vu is attached to the latest health fiasco at Multan’s Nishtar Hospital. The largest...
Dubious pardon
21 Nov, 2024

Dubious pardon

IT is disturbing how a crime as grave as custodial death has culminated in an out-of-court ‘settlement’. The...