Washington, Apr 29 (V7N) — The United States has imposed fresh sanctions on 35 individuals and entities accused of helping Iran evade international restrictions through a so-called “shadow banking” network, according to officials, as reported by Reuters.

In a statement on Tuesday, the US Department of the Treasury said those targeted were involved in facilitating the transfer of tens of billions of dollars linked to Iran while bypassing sanctions, and in some cases supporting activities tied to terrorism.

The Treasury’s Office of Foreign Assets Control (OFAC) also warned that any entities paying fees or “tolls” to the Iranian government or the Islamic Revolutionary Guard Corps (IRGC) to transit through the Strait of Hormuz could face severe penalties.

According to the Treasury Department, the network has enabled Iran’s armed forces—particularly the IRGC—to access the international financial system. Authorities allege that funds moved through the network have been used to finance illicit oil sales, procure sensitive components for missile and weapons systems, and support allied groups.

US Treasury Secretary Scott Bessent said the shadow banking system acts as a “critical financial lifeline” for Iran’s military operations, contributing to instability and disrupting global trade.

He added that illicit financial flows linked to the network are believed to support militant activities and pose risks to US personnel, regional allies, and the broader global economy.

The latest sanctions mark an escalation in Washington’s efforts to increase economic pressure on Tehran amid ongoing geopolitical tensions.

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