U.S. Slaps Sanctions on Iran's Shadow Banking Network
OFAC, the Treasury's sanctions enforcement arm, designated three Iranian foreign exchange houses along with a web of associated front companies, the department confirmed in an official statement. According to the agency, these exchange networks collectively process billions of dollars in foreign currency transactions annually — providing what Washington describes as a financial lifeline to the Iranian regime.
Treasury Secretary Scott Bessent framed the move in stark terms, invoking an ongoing military campaign in his remarks.
"Iran is the head of the snake for global terrorism, and under President (Donald) Trump's leadership, Treasury is moving aggressively, through Economic Fury, to sever the Iranian military's financial lifelines," Bessent said.
The reference to "Economic Fury" echoes the name of Operation Epic Fury — the military campaign launched jointly by Trump and Israel on Feb. 28 against Iran, which currently remains under a ceasefire as diplomatic efforts toward a negotiated settlement continue.
Bessent signaled the pressure campaign is far from over.
"We will relentlessly target the regime's ability to generate, move, and repatriate funds, and pursue anyone enabling Tehran's attempts to evade sanctions," he added.
Friday's action marks the latest escalation in Washington's maximum pressure strategy against Tehran as ceasefire negotiations remain fragile.
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