US Treasury sanctions network tied to Iranian financier Babak Zanjani

The US Treasury Department on Friday imposed sanctions on four individuals and nine entities linkd to Iranian businessman Babak Zanjani, accusing the network of helping Iran evade sanctions through financial services, digital assets and other commercial activities.

The Treasury Department’s Office of Foreign Assets Control (OFAC) said the designations target key components of Zanjani’s broader sanctions evasion network, which it alleges has enabled Tehran to “covertly” move funds into and out of the country.

Zanjani built a diversified business portfolio spanning financial services, gold and precious gem production, digital asset trading, transportation and infrastructure projects to conceal ownership, launder revenue and facilitate sanctions evasion, according to the statement.

“The Iranian regime continues to pay a steep economic price for its reckless behavior, with the rial plunging to another record low and inflation up massively,” Secretary of the Treasury Scott Bessent said.

“Under President Trump’s leadership, Treasury will continue cutting off economic access for corrupt Iranian regime elites, along with their financiers and facilitators.”

Separately, the State Department said Friday that the US was targeting Zanjani and his network for enabling Iran to evade sanctions and finance its destabilizing activities, including support for the Islamic Revolutionary Guard Corps.

“The Trump Administration calls on governments and financial institutions worldwide not to engage with entities connected to Zanjani or the networks that prop up the regime,” the department said in a statement.