US sanctions Iranian exchange networks in crackdown on "shadow banking"

The U.S. Department of the Treasury has imposed new sanctions targeting Iranian currency exchange networks accused of helping Tehran bypass international restrictions and finance its military activities.

In a statement, the Treasury’s Office of Foreign Assets Control (OFAC) said it designated three major Iranian exchange houses, along with associated individuals and front companies, as part of its ongoing campaign—dubbed “Economic Fury”—to disrupt Iran’s financial channels, Caliber.Az reports.

“Iran is the head of the snake for global terrorism, and under President Trump’s leadership, Treasury is moving aggressively, through Economic Fury, to sever the Iranian military’s financial lifelines,” Treasury Secretary Scott Bessent said. “We will relentlessly target the regime’s ability to generate, move, and repatriate funds, and pursue anyone enabling Tehran’s attempts to evade sanctions.”

According to the Treasury, Iranian exchange houses process billions of dollars annually, converting oil revenues—often received in Chinese yuan—into more usable currencies for the government, including the military and affiliated groups.

Among those sanctioned are the Opal Exchange network led by Pedram Pirouzan, Radin Exchange run by Nasser Ghasemi Rad, and the Tahayyori exchange group headed by Ehsan Tahayyori. U.S. officials allege these entities operate extensive international front-company networks to facilitate transactions for sanctioned Iranian banks and organizations, including the Central Bank of Iran and the National Iranian Oil Company.

The measures were enacted under Executive Order 13902, which targets Iran’s financial sector, and expand previous U.S. efforts to dismantle what officials describe as Iran’s “shadow banking” system used to evade sanctions.

Since February 2025, OFAC has sanctioned more than 1,000 Iran-linked individuals, vessels, and entities as part of its broader pressure campaign.

Under the new measures, any U.S.-based assets belonging to those designated are frozen, and U.S. persons are generally prohibited from engaging in transactions with them. Foreign entities may also face penalties if found to be assisting sanctioned individuals or networks.

The Treasury said the latest actions aim to increase financial pressure on Tehran by disrupting its ability to generate and move revenue from oil and other key sectors.

By Sabina Mammadli