The US Department of the Treasury has announced that four individuals and nine entities linked to Babak Zanjani, an Iranian businessman and investor, have been added to the country's sanctions list. This action is due to allegations that this network assists Iran in circumventing sanctions through financial services, digital assets, and commercial activities.
Targeting Babak Zanjani's Financial and Commercial Network
The Office of Foreign Assets Control (OFAC) of the US Department of the Treasury emphasized that these sanctions target key components of Babak Zanjani's broader network. According to Washington, this network has enabled the covert transfer of financial resources into and out of Iran.
Network Activities and Objectives
According to the Treasury Department's statement, the activities of this network are defined in areas such as financial services, gold and precious stones production, digital asset trading, transportation, and infrastructure projects. The network's objective is to conceal ownership, launder proceeds, and facilitate the circumvention of sanctions.