U.S. Treasury targets Iran's shadow banking network funding IRGC-QF

Investing.com -- The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has designated 22 entities based in Hong Kong, the United Arab Emirates, and Türkiye for facilitating Iranian oil sales that benefit the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF).

The action, taken pursuant to Executive Order 13224, targets companies involved in Iran's "shadow banking" network that enables the IRGC-QF to circumvent sanctions and fund terrorist activities.

"The Iranian regime relies heavily on its shadow banking system to fund its destabilizing nuclear and ballistic missile weapons programs, rather than for the benefit of the Iranian people," said Treasury Secretary Scott Bessent.

The IRGC-QF, designated as a Foreign Terrorist Organization, uses front companies outside Iran to transfer hundreds of millions of dollars in profits from Iranian oil sales through offshore accounts.

Among the designated entities is Türkiye-based Pulcular Enerji, which purchased multiple shipments of Iranian oil worth hundreds of millions of dollars from IRGC-QF allocations in 2024. The company coordinated purchases with Hizballah-owned oil brokerage Concepto Screen SAL Off-Shore and IRGC-QF officials.

Hong Kong-based companies including Amito Trading Limited, Shelf Trading Limited, and Cetto International Limited were used to facilitate bank transfers from Pulcular Enerji to the IRGC-QF.

The Treasury also targeted companies directly involved with IRGC-QF officials, including Hong Kong-based Ventus Trade Limited, Future Resource Trading Limited, and Radix Trade Limited, which were used to sell Iranian crude oil and facilitate millions of dollars in transfers.

UAE-based Bright Spot Goods Wholesalers L.L.C, a front company controlled by the IRGC-QF, transferred tens of millions of dollars to other designated entities including Finesse Global Trading Limited and Lavida Corporation Limited.

Türkiye-based Golden Globe was identified as a cover company for the Islamic Revolutionary Guard Corps' oil headquarters, handling hundreds of millions of dollars in oil sales annually.

As a result of these designations, all property and interests of these entities that are in the United States or controlled by U.S. persons are blocked. U.S. persons are generally prohibited from engaging in transactions with these designated entities, and foreign financial institutions risk secondary sanctions for knowingly conducting significant transactions with them.

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