Four people and nine entities linked to Iran financial evasion network face US Treasury sanctions

The US Treasury Department's Office of Foreign Assets Control sanctioned four individuals and nine entities connected to an Iranian financial evasion network on Friday, according to a department press release.

The network, operated by Iran-linked financier Babak Zanjani, allowed the Islamic regime to bypass sanctions and advance actions that destabilize the region, OFAC noted.

The network also backed Iran's Islamic Revolutionary Guard Corps through Zanjani's digital asset firms, including Zedcex and Zedxion, the department added.

Zanjani generated revenue for the regime via financial services, gold and precious gem production, digital asset trading, and large transportation and infrastructure projects, the Treasury stated.

Zanjani was convicted of embezzlement by an Iranian court in 2016 and received a death sentence that was later commuted in 2024, the statement said.

His return in 2025 as a financier for Tehran illustrated the efforts Iranian state-affiliated elites make to retain access to the international financial system for personal gain, even while mismanaging the economy, the department observed.

The sanctions form part of a wider initiative under Executive Order 13902, which addresses Iranian financial, petroleum, and petrochemical sectors to block funding for the regime's nuclear, missile, and terror activities.

Sanctions aim to increase pressure on Iran after regional strikes

The department stressed that the new sanctions would increase pressure on Iran after its recent drone and missile attacks on nations across the Middle East and on vessels passing through the Strait of Hormuz.

The Iranian regime continues to face a steep economic cost for its reckless actions, with the rial reaching another record low and inflation rising sharply, said US Treasury Secretary Scott Bessent. Under President Trump's leadership, Treasury will keep cutting off economic access for corrupt Iranian regime elites and their financiers and facilitators.

Iran described as world's leading state sponsor of terror

The statement called on governments and financial institutions worldwide to avoid dealings with Zanjani or his network, as well as other networks tied to Iran.

The Iranian regime is the world's leading state sponsor of terror, and for more than 40 years it has used the IRGC to create instability in the region and beyond. We will continue to expose and disrupt networks that supply the regime and its proxies with resources used to undermine US national security interests, the statement concluded.