US sanctions target financing of Iran's military

WASHINGTON: The US has issued a fresh round Iran-related sanctions targeting individuals and entities that Washington says finance Tehran's military, including some in Hong Kong and the United Arab Emirates, the US Treasury Department said on Tuesday.

Those targeted have helped coordinate funds transfers, including from the sale of Iranian oil, that benefit Iran's military force, the Islamic Revolutionary Guard Corp (IRGC)- Quds Force and its Ministry of Defense and Armed Forces Logistics (MODAFL), Treasury said.

"Iranian 'shadow banking' networks like these — run by trusted illicit financial facilitators — abuse the international financial system, and evade sanctions by laundering money through overseas front companies and cryptocurrency," it said in a statement.

US sanctions generally prohibit American individuals and companies from engaging in any business transactions with those targeted.