US Tightens Sanctions on Iran’s ‘Shadow Banking’ Network, Warns Over Strait of Hormuz Payments

28/04/2026

WASHINGTON, Apr 28: The United States has imposed new sanctions targeting what it describes as Iran’s “shadow banking” system, warning that financial transactions linked to the network — including so-called “toll” payments related to the Strait of Hormuz — could expose companies and institutions to severe penalties.

The measures were announced by the U.S. Department of the Treasury through its Office of Foreign Assets Control, which designated 35 entities accused of facilitating the movement of billions of dollars tied to sanctions evasion, illicit oil sales, and financing for armed groups.

According to the Treasury, the targeted networks enable Iran’s armed forces, including the Islamic Revolutionary Guard Corps (IRGC), to access the global financial system and procure sensitive materials for weapons-related programs.

U.S. Treasury Secretary Scott Bessent said Iran’s shadow banking structure functions as a key financial lifeline for military operations that destabilize the region. He warned that any financial institution engaging with these networks risks “severe consequences.”

Officials said the action forms part of Washington’s broader “maximum economic pressure” campaign against Tehran, noting that nearly 1,000 Iran-linked individuals, vessels, and aircraft have been sanctioned since February 2025.

The Treasury also issued a warning that payments made to Iran or the IRGC for transit through strategic waterways, including the Strait of Hormuz, could be treated as sanctionable activity, increasing compliance risks for global shipping and financial firms.