America Targets "Shadow Banking" Network Supporting Iran

The United States has imposed sanctions on 39 entities, mostly operating in Hong Kong and the UAE, claiming they facilitate Iran's access to the global financial system and describing them as a "shadow banking" network injecting tens of billions of dollars annually into Iran. The U.S. Treasury Department stated that "the targeted entities helped companies previously sanctioned regarding Iran, such as the Persian Gulf Petrochemical Industries Company and Triliance Petrochemical Company, gain access to the international financial system and conceal their trade with foreign clients." The latest U.S. actions against Iran come at a time when efforts to revive the 2015 nuclear agreement have stalled, and tensions between the Islamic Republic and the West have worsened amid ongoing anti-government protests in Iran. Washington has targeted Chinese companies for exporting Iranian petrochemicals as hopes for reviving the nuclear deal fade.