The United States has imposed sanctions on 22 entities linked to a shadow banking network accused of facilitating illicit oil trade on behalf of the Iranian regime.
The network operates through front companies based in Turkey, the United Arab Emirates, and Hong Kong, funneling revenue to Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF), the U.S. State Department announced on July 9.
According to the U.S. statement, proceeds from the sanctioned entities support what Washington described as Iran’s “campaigns of terror” and its ballistic missile program. The measures were enacted under Executive Order 13224, which targets terrorism financing. “These entities use foreign front companies to transfer funds that sustain the IRGC-QF and Tehran’s destabilizing activities,” the statement said.
The Treasury Department also issued a detailed release, highlighting that the sanctioned companies collectively handled hundreds of millions of dollars in Iranian oil transactions benefiting the IRGC-QF and its proxies. According to the Treasury, the network used offshore accounts and front companies to obscure transactions and finance Iran’s paramilitary operations and weapons programs.
“The Iranian regime relies heavily on its shadow banking system to fund its destabilizing nuclear and ballistic missile weapons programs, rather than for the benefit of the Iranian people,” said Treasury Secretary Scott Bessent. “Treasury remains focused on disrupting this shadowy infrastructure that allows Iran to threaten the U.S. and our allies in the region.”
Among the entities sanctioned are Turkey-based Pulcular Enerji and Golden Globe Demir Celik Petrol, which allegedly purchased oil from IRGC-QF allocations and routed payments through Hong Kong-based intermediaries such as Amito Trading, Shelf Trading, and Peakway Global. The Treasury said Pulcular Enerji coordinated purchases with Hizballah-linked brokers and IRGC-QF officials, using both wire transfers and couriered cash.
The sanctions block all U.S.-linked property and transactions involving these companies and warn foreign institutions that facilitating their operations may expose them to secondary sanctions. The designations follow a similar action taken in June targeting over 30 individuals and firms involved in laundering billions for Iran.
President Donald Trump has recently hinted at possible sanctions relief if certain conditions are met, but the latest round of designations underscores Washington’s continued “maximum pressure” campaign on Tehran.
