The US has imposed sanctions on 35 individuals and companies for helping Iran circumvent restrictions
On 28 April, the US Department of the Treasury announced sanctions against 35 individuals and companies which, according to the department, are linked to Iran’s shadow banking sector. Washington stated that these entities had facilitated the transfer of tens of billions of dollars through sanctions-evasion schemes, as well as activities that the US links to the support of terrorism, Reuters reports.
The Office of Foreign Assets Control has warned banks of the risk of sanctions should they cooperate with companies that pay Iran or the Islamic Revolutionary Guard Corps for transit through the Strait of Hormuz. Separately, independent Chinese oil refineries, particularly in Shandong province, which import and refine Iranian oil, have been singled out.
The Treasury Department stated that the new sanctions target individuals and companies that have facilitated the Iranian armed forces’ access to the international financial system, the receipt of funds from oil sales, the procurement of missile components, and the transfer of funds to affiliated entities.
US Treasury Secretary Scott Bessent noted that Iran’s shadow banking system is a key financial tool for its armed forces and facilitates activities which, he said, disrupt international trade and exacerbate conflicts in the Middle East. He added that institutions interacting with such networks could face serious consequences.
According to the Treasury Department, since February 2025, the US has imposed sanctions on approximately 1,000 individuals, vessels and aircraft linked to Iran as part of an economic pressure campaign.
The sanctions, announced on 28 April, also target Farab Soroush Afagh Qeshm Company and two of its executives, as well as a number of entities linked to Bank Sina and Bank Sepah. Separately, Nix Energy and Tai Lung Trading have been targeted by the restrictions; according to the Treasury Department, these companies were used to transfer funds to Iranian individuals already subject to sanctions.
The Treasury Department emphasised that no payments to Iran or the Islamic Revolutionary Guard Corps for safe passage through the Strait are permitted for US persons or entities. Foreign financial institutions may also face sanctions if they participate in such transactions.
Earlier, the Donald Trump administration had already imposed sanctions against five Chinese oil refineries, including Hengli Petrochemical. According to Kpler data for 2025, China purchases over 80% of Iran’s exported oil.
