Accra:The U.S. Department of the Treasury has introduced a new set of sanctions aimed at Iran, focusing on 16 individuals and 10 entities allegedly aiding Tehran in bypassing existing sanctions.

According to National Iraqi News Agency, these measures target banking and financial systems that facilitate Iranian transactions, help Tehran sidestep imposed restrictions, and secure access to the U.S. dollar. The sanctions are also designed to redirect proceeds from oil-related activities back to Iran.

Included in the sanctions is the “International Development Bank for Investment and Finance” in Iraq, accused by the Treasury Department of providing financial services to Iran and maintaining ties with Iranian government entities. Additionally, the sanctions address Iranian banks abroad, various companies, and financial intermediaries. These entities are accused of facilitating currency exchange operations and money transfers through front companies and financial networks across Asia and the Middle East. The Treasury Department highlighted that some networks use companies registered in Hong Kong and the United Arab Emirates for fund transfers, while others are linked to the sale of Iranian oil and the international transfer of its proceeds.