The Trump administration announced that it is sanctioning over 30 individuals and entities tied to three Iranian brothers who have laundered billions of dollars as part of Iran’s “shadow banking” network, which helps Tehran evade sanctions and fund the regime’s nuclear program and terrorist proxies. Mansour, Nasser, and Fazlolah Zarringhalam have used Iranian exchange houses and foreign front companies to help Iran evade sanctions and move money from its oil and petrochemical sales, according to the Department of the Treasury’s Office of Foreign Assets Control (OFAC). “Iran’s shadow banking system is a critical lifeline for the regime through which it accesses the proceeds from its oil sales, moves money, and funds its destabilizing activities,” Treasury Secretary Scott Bessent in a statement on X. “Treasury will continue to leverage all available tools to target the critical nodes in this network and disrupt its operations, which enrich the regime’s elite and encourage corruption at the expense of the people of Iran.” TRUMP ADMINISTRATION SANCTIONS ICC JUDGES FOR TARGETING THE UNITED STATES AND ISRAEL The sanctions come as President Donald Trump follows through on his campaign promise to curb the Iranian regime. OFAC has sanctioned hundreds of individuals, entities, and vessels related to Iran and its proxies since Trump took office. Despite being in active nuclear negotiations with the Iranian regime, Trump has kept up his “maximum pressure” campaign on Iran to prevent it from obtaining a nuclear weapon and stop its backing of terror organizations across the Middle East. The Zarringhalam brothers used front companies in both Hong Kong and the United Arab Emirates to assist sanctioned Iranian regime officials and affiliated businessmen in receiving payments from petroleum sales and other commodities. Their network is used by Iran’s main oil and petrochemical exporters and the Iranian military to evade sanctions, according to OFAC. Gift Dad an All Access Membership. Use code DAD40 at checkout to save 40% The exchange houses include Mansour Zarrin Ghalam and Partners Company (also known as GCM Exchange), and Nasser Zarrin Ghalam and Partners Company, all of which oversee a sprawling network of front companies. The Hong Kong-based front companies being sanctioned are: Bstshesh HK Limited, Fitage Limited, Gutown Trade Limited, Konosag Trading Limited, Lastsix Trading Limited, Magical Eagle Limited, Marlena Trading Limited, Prettandy Trading Limited, Profu Company Limited, Saledige Trading Limited, and Xia Trading Limited. The UAE-based sanctioned front companies are: Wide Vision General Trading L.L.C, J.S Serenity FZE, Moderate General Trading L.L.C, Ace Petrochem FZE, and Golden Pen General Trading L.L.C. TRUMP TO WORLD: STOP BUYING IRANIAN OIL — OR ELSE According to OFAC, Iran’s shadow banking networks are composed of numerous financial facilitators like the Zarringhalam brothers, and allow “sanctioned Iranian persons and military organizations to access the international financial system and facilitate Iran’s international exports, the proceeds of which fund Iran’s military and its terrorist proxies.” The network often uses front companies outside of Iran, located primarily in Hong Kong and the United Arab Emirates. These companies often use falsified invoices and transactions to hide payments for sanctioned goods, according to OFAC. OFAC’s map of how Iran operates its shadow banking system. (Photo: OFAC) IDF RECOVERS BODIES OF TWO AMERICAN HOSTAGES IN GAZA “The shadow banking system negatively impacts the Iranian people as well; Iranian whistleblowers have highlighted instances of Iranian government agents embezzling billions of dollars and other acts of corruption through this banking network,” OFAC said. The sanctions will block all American property and interests in property belonging to the designated individuals, and prohibit American citizens from contributing funds, goods, or services to them.