The United States on Tuesday imposed sanctions on nearly 50 entities and people it accused of moving billions of dollars for Iran’s military.

The U.S. Treasury Department in a statement said those targeted on Tuesday constitute a “shadow banking network” used by Iran’s Ministry of Defense and Armed Forces Logistics (MODAFL) and Islamic Revolutionary Guard Corps (IRGC), both of which are under U.S. sanctions.

The network helped the MODAFL and IRGC—which earn money notably from the sale of oil and petrochemicals—gain access to the international financial system and process the equivalent of billions of dollars since 2020, the Treasury said.

The Treasury said the revenue generated by the MODAFL and IRGC through networks of Iranian exchange houses and foreign cover companies supported the provision of weapons and funding to Iran’s proxy groups, including Yemen’s Houthi terrorist group, and the transfer of drones to Russia for use in the war against Ukraine. […]

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