The Treasury Department imposed sanctions on Iran-based Amin Exchange, also known as Al-Ebrahimi & Partners, which it said had an extensive network of front companies covering multiple jurisdictions, including the United Arab Emirates, Turkey and Hong Kong.
The United States also blocked 19 ships that it said were involved in shipping Iranian oil and petrochemicals to foreign customers.
The Treasury Department said Iranian exchange companies facilitated billions of dollars in foreign currency transactions annually, enabling the government to “evade sanctions” and access the international financial system. It said the front companies oversaw hundreds of millions of dollars in transactions on behalf of Iranian banks.
“Iran’s shadow banking system facilitates the illicit transfer of financing for terrorist purposes,” Treasury Secretary Scott Besent said in a statement.
