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Investing.com -- The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated 18 entities and individuals Thursday for their roles in helping Iran evade sanctions and generate revenue.
The Treasury’s action targets organizations involved in Iran’s banking schemes and alternative payment systems designed to circumvent international restrictions, particularly those related to petroleum sales.
"As a result of President Trump’s maximum pressure campaign and increasing isolation from the global financial system, the Iranian regime is running out of places to hide," said Treasury Secretary Scott Bessent.
Among those sanctioned is RUNC Exchange System Company, developer of Iran’s Cross-Border Interbank Messaging System (CIMS), which was created to bypass controls on standard payment systems. Three RUNC executives were also designated: Ali Morteza Birang, Mohammad Shafipour, and Seyyed Mahmoud Reza Sajjadi.
The Treasury also targeted Cyrus Offshore Bank, established in Iran’s Kish Free Zone as a mechanism for the government to avoid sanctions while making foreign purchases. According to the Treasury, Cyrus Bank is secretly owned by the sanctioned Iranian financial institution Parsian Bank and has been used to route oil sale proceeds to the Islamic Revolutionary Guard Corps (IRGC).
Additionally, the action targets Pasargad Arian Information and Communication Technology Company (FANAP), a software holding company owned by sanctioned Pasargad Bank. FANAP and its subsidiaries provide financial technologies to Iranian banks and have developed surveillance technologies used by Iranian authorities to restrict internet access and target women violating mandatory hijab laws.
The sanctions block all U.S.-based property and interests of the designated entities and prohibit U.S. persons from engaging in transactions with them.
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