The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has announced the designation of 22 entities based in Hong Kong, the United Arab Emirates (UAE), and Türkiye. These entities are accused of facilitating Iranian oil sales that benefit the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF), a designated Foreign Terrorist Organization.
The IRGC-QF reportedly uses front companies outside Iran to transfer profits from oil sales, bypassing sanctions and funding terrorist activities. "The Iranian regime relies heavily on its shadow banking system to fund its destabilizing nuclear and ballistic missile weapons programs," stated Secretary of the Treasury Scott Bessent.
This action follows Executive Order 13224 and is part of a broader campaign targeting Iran's "shadow banking" infrastructure. It builds on previous sanctions imposed on individuals and entities tied to Iranian brothers laundering money through international financial systems.
Several companies have been named for their roles in assisting or supporting the IRGC-QF, including Pulcular Enerji Sanayi ve Ticaret Anonim Sirketi, Amito Trading Limited, Shelf Trading Limited, Cetto International Limited, Peakway Global Limited, JTU Energy Limited, among others.
As a result of these designations, all property and interests in property belonging to these entities within U.S. jurisdiction are blocked. Violations may lead to civil or criminal penalties for both U.S. and foreign persons involved in prohibited transactions with these blocked persons.
OFAC emphasizes that while sanctions aim at altering behavior rather than punishment, compliance is mandatory. Institutions engaging with designated entities risk secondary sanctions affecting their operations in the United States.
For further details on today's designations or information about removal from OFAC lists, individuals are encouraged to consult OFAC’s guidance resources.
