US sanctions 35 entities over Iran ‘shadow banking’ network

US Treasury Secretary Scott Bessent said Washington has imposed sanctions on 35 entities and individuals linked to what it described as Iran’s “shadow banking” networks.

“Iran’s shadow banking system serves as a critical financial lifeline for its armed forces,” he said, adding that it enables activities that disrupt trade and fuel violence in the Middle East.

Bessent said “illicit funds funnelled through this network support the regime’s ongoing terrorist operations”, warning that financial institutions engaging with such networks risk “severe consequences”.

Iran’s shadow banking system serves as a critical financial lifeline for its armed forces, enabling activities that disrupt global trade and fuel violence across the Middle East. Illicit funds funneled through this network support the regime’s ongoing terrorist operations, posing… https://t.co/AQyXmRVZM4

— Treasury Secretary Scott Bessent (@SecScottBessent) April 28, 2026