The United States has imposed further sanctions on people and companies linked to Iran and what it describes as an illegal banking network used to hide transactions to purchase equipment used for Iranian drones

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Edited by| Christian Megan

Economy section -  CJ journalist

WASHINGTON - March 21, 2023  

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     Treasury’s Office of Foreign Assets Control coordinated with the FBI to designate four firms and three people in Iran and Turkey for allegedly buying equipment, including European-made engines, to be used for Iran’s drone and weapons programs.

Those targeted for sanctions include the Iran-based Defense Technology and Science Research Center, its procurement firm Farazan Industrial Engineering Inc., and two other firms along with purchasing agents from the companies.

“Iran’s well-documented proliferation of UAVs and conventional weapons to its proxies continues to undermine both regional security and global stability,” said Brian Nelson, Treasury’s undersecretary for terrorism and financial intelligence. Nelson was referring to unmanned aerial vehicles.

 “The United States will continue to expose foreign procurement networks in any jurisdiction that supports Iran’s military-industrial complex,” he said.

American defense officials say Iran is supplying Russia with unmanned drones to use on civilians as the Kremlin presses its invasion of Ukraine, which has entered its second year.

Among other things, sanctions deny people and firms access to any property or financial assets held in the United States and prevent American firms and companies from doing business with them.

The penalties on 39 firms linked to a shadow banking system that helped to muddy financial activity between sanctioned Iranian firms and foreign buyers, namely for petrochemicals.