U.S. Sanctions 22 Firms in Hong Kong, UAE, and Turkiye for Aiding Iranian Oil Sales

Washington, D.C. — The United States has imposed sanctions on 22 companies based in Hong Kong, the United Arab Emirates, and Turkiye for their alleged roles in facilitating the sale of Iranian oil, the U.S. Treasury Department announced on Wednesday.

According to the Treasury, the targeted firms have been helping the Islamic Revolutionary Guard Corps’ Quds Force — a powerful paramilitary wing of Iran’s military — generate hundreds of millions of dollars through illicit oil sales. The Quds Force has been designated a foreign terrorist organization by the U.S. government.

“These companies form part of a complex shadow banking network used by Iran to bypass U.S. sanctions and funnel profits into its weapons programs and regional proxy groups,” the Treasury stated.

Treasury Secretary Scott Bessent said the sanctions are part of Washington’s broader effort to disrupt Iran’s funding mechanisms that enable destabilizing activities across the Middle East.

“The Iranian regime relies heavily on its shadow banking system to fund its destabilizing nuclear and ballistic missile weapons programs, rather than for the benefit of the Iranian people,” Bessent said.

Read more: PM Shehbaz played key role in Iran-Israel ceasefire: interior minister

The sanctioned companies reportedly operated through offshore accounts and front companies to move oil revenues outside of Iran. The move comes amid continued U.S. efforts to crack down on networks that facilitate Iran’s evasion of international sanctions.

This latest round of sanctions is part of a wider campaign targeting Iran’s financial support for its military ambitions and proxy operations in the region, including in Iraq, Syria, Lebanon, and Yemen.