The United States has introduced a new set of sanctions aimed at 10 individuals and 27 entities associated with Iran’s financial operations, highlighting the pivotal roles that Hong Kong and the United Arab Emirates play in assisting Tehran to circumvent US efforts.
These sanctions specifically target Iranian citizens, a mainland Chinese citizen, and entities from Hong Kong and the UAE. They were made public shortly after a phone conversation between US President Trump and Chinese President Xi Jinping, amidst ongoing US discussions regarding a nuclear agreement with Iran.
As stated by the US Treasury Department, the financial network orchestrated by Iranian brothers Mansour, Nasser, and Fazlolah Zarringhalam has been involved in laundering billions of dollars through various front companies in Hong Kong and the UAE that they control.
The Treasury Department’s statement asserted that “the regime utilizes this network to sidestep sanctions and facilitate the transfer of funds from its oil and petrochemical sales, which are used to finance its nuclear and missile initiatives and support its terrorist affiliates.”
Additionally, it noted that to legitimize payments for prohibited goods, shadow banking intermediaries might produce false invoices or transaction records. “Front companies are established in locations with less stringent regulatory oversight to evade scrutiny concerning their business operations or ownership,” the statement elaborated.
Among the sanctioned entities based in Hong Kong are Hero Companion Limited, Plzcome Limited, and Kinlere Trading Limited, among others.