Four people, nine entities tied to Iran financial evasion network sanctioned by US Treasury

The US Treasury Department has imposed sanctions on four individuals and nine entities connected to an Iranian financial evasion network, according to a press release from the Office of Foreign Assets Control (OFAC). The network, reportedly managed by Iran-linked financier Babak Zanjani, is accused of enabling the Iranian regime to circumvent sanctions and fund destabilizing regional activities.

OFAC stated that the network provided support to Iran's Islamic Revolutionary Guard Corps (IRGC) through Zanjani's digital asset companies, Zedcex and Zedxion. Revenue generation methods cited by the Treasury include financial services, gold and precious gem production, digital asset trading, and major infrastructure projects. Zanjani, previously convicted of embezzlement in Iran and sentenced to death in 2016 (sentence commuted in 2024), has re-emerged as a key financier for Tehran.

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The Iranian regime continues to pay a steep economic price for its reckless behavior, with the rial plunging to another record low and inflation up massively. Under President Trump’s leadership, Treasury will continue cutting off economic access for corrupt Iranian regime elites, along with their financiers and facilitators.

US Treasury Secretary Scott Bessent highlighted the sanctions as part of a broader strategy to "further pressure" Iran, particularly after recent drone and missile attacks in the Middle East and on ships in the Strait of Hormuz. Bessent stated that the Treasury will continue to cut off economic access for corrupt Iranian regime elites and their facilitators under President Trump's leadership.

The Treasury Department urged governments and financial institutions globally to avoid engaging with Zanjani or his network. The statement reiterated that Iran is the "world’s leading state sponsor of terror," using the IRGC to foment instability, and vowed to continue disrupting networks that provide resources to the regime and its proxies.

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The Iranian regime is the world’s leading state sponsor of terror, and for more than 40 years has used the IRGC to foment instability in the region and beyond. We will continue to expose and disrupt networks that provide the regime and its proxies with the resources they use to undermine US national security interests.