US sanctions 35 entities over Iran’s shadow banking network

April 28, 2026 / 11:30 PM

Sharjah24-Reuters: The United States government announced new sanctions against 35 entities and individuals linked to Iran’s parallel banking system, accusing them of facilitating the transfer of tens of billions of dollars tied to sanctions evasion and support for terrorism.

The United States Department of the Treasury said the measures target networks that helped Iran’s armed forces and the Islamic Revolutionary Guard Corps access the global financial system, receive payments for illicit oil sales, and procure sensitive components for missile and other weapons systems.

Warning over Strait of Hormuz payments

The Treasury’s Office of Foreign Assets Control warned that any company paying transit fees to the Iranian government or the IRGC for passage through the Strait of Hormuz could face severe penalties.

US: Network fuels regional instability

US Treasury Secretary Scott Bessent said the shadow banking system is a “critical financial lifeline” for Iran’s military operations, enabling activities that disrupt global trade and fuel instability throughout the Middle East.

He added that illicit funds flowing through the network support ongoing terrorist activities and pose a direct threat to US forces, regional allies and the global economy, warning that institutions facilitating these networks would face “serious consequences”.