US Targets ‘Shadow Banking’ Network Helping Iran Evade Sanctions

A bronze seal for the Department of the Treasury is shown at the US Treasury building in Washington, US, January 20, 2023.  (Reuters)
A bronze seal for the Department of the Treasury is shown at the US Treasury building in Washington, US, January 20, 2023. (Reuters)
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US Targets ‘Shadow Banking’ Network Helping Iran Evade Sanctions

A bronze seal for the Department of the Treasury is shown at the US Treasury building in Washington, US, January 20, 2023.  (Reuters)
A bronze seal for the Department of the Treasury is shown at the US Treasury building in Washington, US, January 20, 2023. (Reuters)

The United States on Thursday imposed sanctions on 39 entities, including many based in Hong Kong, that Washington said facilitate Iran's access to the global financial system, describing them as a "shadow banking" network that moves billions of dollars.

The US Treasury Department in a statement said those targeted had granted companies previously slapped with Iran-related sanctions, such as Persian Gulf Petrochemical Industry Commercial Co (PGPICC) and Triliance Petrochemical Co Ltd, access to the international financial system and helped them hide their trade with foreign customers.

The latest US move against Iran comes as efforts to revive the 2015 nuclear deal have stalled, while ties between Tehran and the West have become increasingly strained as Iranians keep up anti-government protests.

Washington has targeted Chinese companies over the export of Iran's petrochemicals as the prospects of reviving the nuclear pact have dimmed.

"Iran cultivates complex sanctions evasion networks where foreign buyers, exchange houses, and dozens of front companies cooperatively help sanctioned Iranian companies to continue to trade," said Deputy Treasury Secretary Wally Adeyemo.

He said the new measures showed the US commitment to enforcing sanctions and its "ability to disrupt Iran's foreign financial networks, which it uses to launder funds."

Liu Pengyu, spokesman for China's embassy in Washington said the US actions had no basis in international law and were "typical unilateral sanctions and illegal 'long-arm jurisdiction'" that were detrimental to Chinese interests.

"We deplore and reject this move," he said, adding China had "actively promoted peace talks and sought a political solution" in Ukraine, while the United States "has been fanning the flame and fueling the fight with more weaponry."

Iran's mission to the United Nations in New York did not immediately respond to a request for comment.

Thursday's move freezes any US assets of those designated and generally bars Americans from dealing with them. Those that engage in certain transactions with them also risk being hit by sanctions.

The Treasury accused companies operating out of Hong Kong - including Foraben Trading Limited, Hongkong Well International Trading Limited, and Salita Trade Limited - of transferring millions of dollars related to petrochemical sales to China.

The Treasury Department's top sanctions official, Brian Nelson, recently visited Türkiye to warn that Washington will continue to aggressively enforce its sanctions.

Among those designated on Thursday were two Türkiye-based entities, as well as Iran-based Mehr Petrochemical Company.

Brian O'Toole, a former Treasury Department official, said Thursday's action would put a dent in Iran's ability to keep moving oil and get paid for it.

"This is a pretty big deal, because this kind of thing should have an impact on what Iran is able to sell," O'Toole said.



Car Kills, Injures People Attending Street Festival in Vancouver

26 April 2025, Canada, Vancouveer: Vancouver Police officers secure the scene, where multiple people were killed when a car drove into a crowd at a street festival in the western Canadian city of Vancouver. Photo: Rich Lam/Canadian Press via ZUMA Press/dpa
26 April 2025, Canada, Vancouveer: Vancouver Police officers secure the scene, where multiple people were killed when a car drove into a crowd at a street festival in the western Canadian city of Vancouver. Photo: Rich Lam/Canadian Press via ZUMA Press/dpa
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Car Kills, Injures People Attending Street Festival in Vancouver

26 April 2025, Canada, Vancouveer: Vancouver Police officers secure the scene, where multiple people were killed when a car drove into a crowd at a street festival in the western Canadian city of Vancouver. Photo: Rich Lam/Canadian Press via ZUMA Press/dpa
26 April 2025, Canada, Vancouveer: Vancouver Police officers secure the scene, where multiple people were killed when a car drove into a crowd at a street festival in the western Canadian city of Vancouver. Photo: Rich Lam/Canadian Press via ZUMA Press/dpa

The driver of a car struck revelers at a street festival in Canada, killing and injuring an unknown number of people at the event celebrating Filipino culture, police said.
The vehicle entered the street at 8:14 p.m. Saturday where people were attending the Lapu Lapu Day festival, the Vancouver Police Department said in a social media post, according to The Associated Press.
“A number of people have been killed and multiple others are injured after a driver drove into a crowd,” police said. The exact number of dead or injured was not immediately available.
A 30-year-old Vancouver man was arrested at the scene and the department’s Major Crime Section is overseeing the investigation, police said.
The festival was being held in a South Vancouver neighborhood. Video posted on social media showed victims and debris strewn across a long stretch of road, with at least seven people lying immobile on the ground. A black SUV with a crumpled front section could be seen in still photos from the scene.
“I am shocked and deeply saddened by the horrific incident at today’s Lapu Lapu Day event,” Vancouver Mayor Kenneth Sim said in a social media post, adding that the city would provide more information when possible. “Our thoughts are with all those affected and with Vancouver’s Filipino community during this incredibly difficult time."
Prime Minister Mark Carney and other Canadian political figures posted messages expressing shock at the violence, condolences for victims and support for the community celebrating its heritage at the festival.
“I offer my deepest condolences to the loved ones of those killed and injured, to the Filipino Canadian community, and to everyone in Vancouver. We are all mourning with you,” Carney wrote.
“As we wait to learn more, our thoughts are with the victims and their families — and Vancouver’s Filipino community, who were coming together today to celebrate resilience," wrote Jagmeet Singh, leader of the New Democratic Party, who was at the festival earlier in the day.
“My thoughts are with the Filipino community and all the victims targeted by this senseless attack. Thank you to the first responders who are at the scene as we wait to hear more,” Conservative Party leader Pierre Poilievre wrote.
David Eby, the premier of British Columbia, the province where Vancouver is located, said he was shocked and heartbroken. “We are in contact with the City of Vancouver and will provide any support needed,” Eby wrote.