US Imposes Fresh Sanctions on Iran-Linked Financial Network

WASHINGTON, Aug. 7: The United States on Friday imposed a new round of sanctions targeting companies, exchange houses and financial facilitators accused of helping Iran secretly move hundreds of millions of dollars through the international financial system.

The US Treasury said the network enabled Tehran to access oil revenues and evade existing sanctions through front companies and financial intermediaries.

Treasury Secretary Scott Bessent said purchases of Iranian oil by so-called "teapot" refineries provide a key economic lifeline for Iran. "Teapot refinery purchases of Iranian oil provide the primary economic lifeline for the Iranian regime, the world's leading state sponsor of terror," he said.

In a separate statement, State Department spokesperson Tommy Pigott said the sanctions are aimed at cutting "the financial lifelines that sustain Iran's ruling elite." He added that Tehran used the targeted networks to launder oil revenues and bypass sanctions imposed over its destabilizing activities.