US sanctions 35 entities over Iran ‘shadow banking’ network

US sanctions 35 entities over Iran ‘shadow banking’ network US Treasury Secretary Scott Bessent said Washington has imposed sanctions on 35 entities and individuals linked to what it described as Iran’s “shadow banking” networks. “Iran’s shadow banking system serves as a critical financial lifeline for its armed forces,” he said, adding that it enables activities that disrupt trade and fuel violence in the Middle East. Bessent said “illicit funds funnelled through this network support the regime’s ongoing terrorist operations”, warning that financial institutions engaging with such networks risk “severe consequences”.