Washington, 18 September (H.S.): The United States announced new sanctions on September 16 targeting an international illicit financial network accused of funneling millions of dollars to Iran’s Islamic Revolutionary Guard Corps Qods Force (IRGC-QF) and the Ministry of Defense and Armed Forces Logistics (MODAFL).
According to Principal Deputy Spokesperson Thomas Tommy Pigott, the network – operating through individuals and entities based in Hong Kong and the United Arab Emirates – facilitated the sale of Iranian oil. Proceeds from these sales have allegedly been used to fund regional terrorist proxies and advance Iran’s weapons programs, posing direct threats to U.S. forces and allies.
The designations were imposed under counterterrorism authority E.O. 13224, as amended, and mark the fourth round of sanctions aimed at dismantling Iran’s shadow banking infrastructure since the issuance of National Security Presidential Memorandum 2, which set forth the administration’s maximum pressure campaign.
“The United States remains committed to disrupting illicit funding streams financing Iran’s malign activities,” Pigott said. “As long as Iran devotes its revenues to funding attacks, supporting terrorism, and pursuing destabilizing actions, we will continue to use all tools at our disposal to hold the regime accountable.”
Revocation of IFCA Exception
In a further step, the State Department announced the revocation of a sanctions exception issued in 2018 under the Iran Freedom and Counter-Proliferation Act (IFCA). The waiver, which allowed Afghanistan reconstruction assistance and economic development projects through Iran’s Chabahar Port, will expire on September 29, 2025.
Officials warned that once the revocation takes effect, individuals and entities engaged in activities tied to Chabahar or otherwise covered under IFCA could face U.S. sanctions.
These measures underscore Washington’s continued efforts to intensify pressure on Tehran by restricting its ability to generate and access revenue streams abroad.
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Hindusthan Samachar / Indrani Sarkar
