U.S. Sanctions Dubai and Hong Kong Networks That Moved Hundreds of Millions for Iran

The United States Treasury designated a Dubai-based web of exchange houses, front companies and staff that Washington says moved hundreds of millions of dollars for Iran's Shahr Bank and its already sanctioned intermediary Farab Soroush Afagh Qeshm. Titan Exchange and Alps International were blocked, along with shell firms registered in Hong Kong and Singapore, among them Oviedo Overseas and Cailafang. Four Iranian nationals who ran invoices, payments and computer systems for the network were designated, as was Basheer Abdulkadhim Alwan al-Shabbani for moving fighters, weapons and money for the Islamic Revolutionary Guard Corps Quds Force. Treasury Secretary Scott Bessent said Iran's shadow banking system is buckling and the regime is running out of ways to move money.