US cracks down on secret Iranian oil money networks
The US is intensifying efforts to track secret bank accounts used by Iran to transfer oil revenues through intermediaries and front companies.
Key Takeaways
AIThe United States is intensifying efforts to track secret bank accounts used by Iran through intermediaries and front companies.
US authorities say these targeted accounts are used to transfer proceeds from smuggled oil sales to entities linked to the Iranian regime, with some funds reportedly directed toward importing military equipment, according to Reuters.
The US Treasury Department has imposed sanctions and fines on banks in Russia and China, restricting their access to the SWIFT system due to their cooperation with Iran. Some banks reportedly charged high fees—up to 30 percent—for facilitating Iranian money transfers.
US Treasury Secretary Scott Beissinger has warned all countries cooperating with Iran that they risk facing strict US measures and sanctions.