New OFAC Sanctions Target Iranian Shadow Banking and Tanker Network

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has announced sweeping sanctions against an Iranian shadow banking network, targeting over 30 individuals and entities linked to three Iranian brothers who allegedly laundered billions of dollars through the international financial system.

“Iran’s shadow banking system is a critical lifeline for the regime through which it accesses the proceeds from its oil sales, moves money, and funds its destabilizing activities,” said Treasury Secretary Scott Bessent emphasized that

The sanctions specifically target Iranian brothers Mansour, Nasser, and Fazlolah Zarringhalam and their network of exchange houses and foreign front companies. The network’s operations span multiple jurisdictions, including Iran, the United Arab Emirates, Hong Kong, and China, with numerous trading companies and financial entities implicated in the scheme.

The sanctions also include two shipping-related entities: ACE PETROCHEM FZE in Sharjah, UAE, and MODERATE GENERAL TRADING L.L.C in Dubai, UAE—both linked to the National Iranian Tanker Company.

“The U.S. Treasury will continue to leverage all available tools to target the critical nodes in this network and disrupt its operations, which enrich the regime’s elite and encourage corruption at the expense of the people of Iran,” Bessent stated.

The sanctions list includes major entities such as Zarrin Ghalam and Partners Exchange, Mansour Zarrin Ghalam and Partners Company, and numerous Hong Kong-based trading companies, effectively freezing their assets and prohibiting U.S. persons from conducting business with them.

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