US hits network of Iranian financier Zanjani with more sanctions

US hits network of Iranian financier Zanjani with more sanctions

The United States on Friday announced further sanctions against nine firms and four people associated with sanctioned Iranian financier Babak Zanjani for their efforts to evade US sanctions, as US forces escalated their strikes across the Islamic Republic.

The US Treasury Department said the new designations target Zanjani's Iran-based operations under his "Dot One" conglomerate and several firms based in Turkey and the United Arab Emirates that have supported his already designated digital asset exchanges, as well as top executives at those firms.

The Treasury Department said Zanjani had leveraged a diverse portfolio that includes financial services, digital asset trading and gold and precious gem production, along with major infrastructure projects, to launder revenue and move funds covertly for Iran.

“The Iranian regime continues to pay a steep economic price for its reckless behavior, with the rial plunging to another record low and inflation up massively,” Treasury Secretary Scott Bessent said in a statement. "Treasury will continue cutting off economic access for corrupt Iranian regime elites, along with their financiers and facilitators.”

Iran's currency has hit new lows in recent weeks amid demand for foreign currencies, with the resurgence of military hostilities ratcheting up pressure on Iran's economy, which is already grappling with 60 percent-plus inflation and negative growth. ...