Abu Dhabi, UAEMonday 26 August 2019

US puts sanctions on network supporting Iran's Revolutionary Guard

Treasury blacklisted 25 people and entities it said were helping to move more than $1bn in illicit funds

The US Treasury took fresh aim on March 26, 2019 at the international network funnelling dollars and euros to Iran's Islamic Revolutionary Guard Corps (IRGC), naming 25 individuals and entities for financial sanctions. AFP
The US Treasury took fresh aim on March 26, 2019 at the international network funnelling dollars and euros to Iran's Islamic Revolutionary Guard Corps (IRGC), naming 25 individuals and entities for financial sanctions. AFP

The US on Tuesday imposed sanctions on a network of people in Iran and companies working in the region, which it said was transferring billions of dollars and euros to Iran's elite Revolutionary Guard.

The US Treasury said the 25 new blacklist entries included front companies associated with Iran's Islamic Revolutionary Guard Corps and the Ministry of Defence and Armed Forces Logistics.

The targeted entities include banks and other financial institutions.

"We are targeting a vast network of front companies and individuals to disrupt a scheme the Iranian regime has used to illicitly move more than a billion dollars in funds," Treasury Secretary Steven Mnuchin said.

Mr Mnuchin said the Guard and ministry continued to try to evade sanctions to help Iran's government fund terrorism and destabilise the Middle East.

Washington reimposed sanctions against Iran after President Donald Trump withdrew from a 2015 nuclear deal between Tehran and six world powers, and moved to isolate Iran.

It has also imposed sanctions against the Guard and its external arm, Quds Force, to choke off funding for its overseas operations.

The Guard is by far Iran's most powerful security organisation and has control over large stakes in Iran's economy and huge influence in its political system.

Updated: March 26, 2019 11:46 PM

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