Washington, April 29, 2026 — The United States has imposed sanctions on 35 individuals and entities accused of supporting Iran’s covert financial operations and its military apparatus, the US Treasury Department announced on Wednesday.
Sanctions Target ‘Shadow Banking’ Network
According to the Treasury, the sanctions were issued against actors allegedly involved in sustaining Iran’s so-called “shadow banking system,” which enables the country to bypass existing international restrictions. These networks are said to facilitate financial transactions linked to Iran’s oil exports despite ongoing sanctions.
Alleged Support to Military and IRGC
US officials claim that the targeted individuals and organizations played a role in channeling funds to Iran’s armed forces and the Islamic Revolutionary Guard Corps (IRGC), an elite branch of the military. The IRGC has long been a focal point of US sanctions due to its involvement in regional military activities.
Treasury Statement and Lack of Detail
In a statement, the Treasury Department’s Office of Foreign Assets Control (OFAC) confirmed the move but did not disclose the nationalities of those sanctioned. Treasury Secretary Scott Bessent also referenced the action in a post on social media platform X.
Oil Trade Continues Despite Restrictions
Despite multiple rounds of US sanctions on Iran’s oil sector, Tehran has continued to export oil in international markets. US authorities allege that a network of intermediaries—operating across different countries—has enabled Iran to receive payments through indirect channels.
Broader Effort to Tighten Enforcement
The latest measures are part of Washington’s ongoing efforts to tighten enforcement of sanctions on Iran, particularly targeting financial mechanisms that support its defense sector and the IRGC.
The US government has reiterated its commitment to disrupting illicit financial flows that it says contribute to regional instability.
