The action expands Operation Economic Outcast, a campaign targeting the automotive, rail, and steel industries of Iran. This includes the country's two largest automakers, Iran Khodro and SAIPA, which control over 90% of the domestic car market, along with suppliers in Indonesia, the UAE, Turkiye, Hong Kong, China, and Germany. Bessent stated the sanctions are intended to drain the regime's revenue as a US blockade reduces shipping through the Strait of Hormuz.
Tuesday, October 20, 2026
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US Sanctions A7 Shadow Bank used by Iran to Move $17B
Geopolitics19 days ago
Treasury Secretary Scott Bessent on Thursday restricted the financial operations of a Russia-linked shadow bank to cut off funding for Tehran's paramilitary wing. The US Treasury sanctioned the A7 Network after the Financial Crimes Enforcement Network discovered its sub-agents moved more than $17B in 18 months to help the Islamic Revolutionary Guard Corps evade existing sanctions. These measures target the remaining financial infrastructure used by adversaries to transfer illicit funds through the global banking system.
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