Iran's $9 Billion in Transactions Detected in 2024 · "Legal Action Possible Against Involved Parties"
The United States, which has been employing various pressure tactics beyond military operations through a reverse blockade of the Strait of Hormuz, has issued warnings to countries including China and the United Arab Emirates (UAE) suspected of conducting indirect financial transactions with Iran.
According to NBC News on Wednesday, the US Treasury Department shared warning letters with China, Hong Kong, the UAE, and Oman after determining that some banks under their jurisdictions had allowed financial transactions with Iran.
"Despite America's comprehensive sanctions, the Iranian regime continues to exploit the international financial system through shell companies, shadow finance, deceptive practices and loopholes," the Treasury Department stated in the letter. According to the department, transactions processed by Iran through shell companies reached $9 billion in 2024.
"Treasury recommends that your jurisdiction work with banks under your authority to identify Iran-related financial activities, including shell companies and other evasion methods, and immediately halt the significant illicit finance risks these activities pose," the letter said. The Treasury Department also notified domestic correspondent banks that handle foreign banking operations.
The Treasury Department mentioned it could take direct legal action against involved parties. "When US persons are implicated in sanctions violations, we can pursue enforcement actions, secondary sanctions against foreign financial institutions conducting certain activities with Iran, and require enhanced customer due diligence and reporting for all transactions processed through the US financial system," the letter explained. By declaring it would mobilize all possible administrative and economic measures against involved parties, the US has strengthened the effectiveness of Iran sanctions.
"Now is the time to finally neutralize Iran's ability to support terrorism, threaten regional and global markets, and continue its UN-prohibited nuclear and ballistic missile programs," the letter emphasized.
Amid renewed speculation about possible ceasefire negotiations with Iran, analysts say the US is maximizing its negotiating leverage by using all available pressure tactics. A prime example is the reverse blockade of the Strait of Hormuz. Blocking the strait would undermine Iran's advantage of holding global energy markets hostage while also dealing a blow to Iran, which profits from crude oil exports. The Wall Street Journal reported that more than 20 merchant vessels passed through the Strait of Hormuz in the 24 hours following the US blockade, indicating a limited recovery in shipping traffic.
The move is also seen as a calculated effort to accelerate Iran's isolation by strengthening surveillance of existing financial sanctions.
AI-translated from Korean. Quotes from foreign sources are based on Korean-language reports and may not reflect exact original wording.
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