The U.S. Department of the Treasury Office of Foreign Assets Control has imposed sanctions on several businesses owned by three Iranian citizens over their alleged links with Iran’s Islamic Revolutionary Guard Corps.
OFAC said in a statement Friday that the companies headed by brothers Mansour, Nasser and Fazlolah Zarringhalam allegedly launder billions of dollars through their businesses as part of Iran’s shadow banking network. Among the businesses affected by the designation are Hong Kong, China-based Hero Companion, Plzcome and Kinlere Trading and United Arab Emirates-based Wide Vision General Trading, Moderate General Trading and Ace Petrochem FZE.
Sanctions imposed by the United States and its allies have forced the Islamic regime to use fronts from various locations around the world.
According to Treasury Secretary Scott Bessent, the Middle Eastern nation’s shadow banking industry enables the Iranian government to receive its shares from oil sales. “Treasury will continue to leverage all available tools to target the critical nodes in this network and disrupt its operations, which enrich the regime’s elite and encourage corruption at the expense of the people of Iran,” he said.
It is the latest in the Treasury’s imposed bans on Iran-associated businesses and networks. In May, OFAC designated six individuals and six entities with ties to an organization supplying Iran with ballistic missile propellant ingredients. The agency also imposed sanctions on the International Bank of Yemen and three of its top executives over the support provided to Houthis, a group backed by Iranian leaders.