The U.S. Treasury Department on Wednesday sanctioned 22 companies based in Hong Kong, the United Arab Emirates and Türkiye for helping sell Iranian oil and funneling the proceeds to the Islamic Revolutionary Guard Corps-Qods Force, a U.S.-designated terrorist organization. The entities—described by the Office of Foreign Assets Control as front firms in a “shadow banking” network—allegedly moved hundreds of millions of dollars through offshore accounts to evade existing restrictions. All U.S. property of the designated firms is now blocked and American persons are prohibited from dealings with them. Treasury warned that foreign financial institutions risk secondary sanctions if they facilitate significant transactions for the blacklisted parties. “The Iranian regime relies heavily on its shadow banking system to fund its destabilizing nuclear and ballistic-missile programs,” Treasury Secretary Scott Bessent said, pledging continued pressure until Tehran curtails those activities. The action follows a 3 July round of penalties that targeted a separate network run by Iraqi-British businessman Salim Ahmed Said, accused of smuggling billions of dollars in Iranian crude disguised as Iraqi oil, and added seven senior officials and one entity linked to Hezbollah-controlled lender Al-Qard Al-Hassan to the U.S. sanctions list. Together, the measures deepen Washington’s effort to sever revenue streams that support Iran’s military projects and regional proxy forces.