25 June 2024

The U.S. designated “nearly 50 entities and individuals that constitute multiple branches of a sprawling ‘shadow banking’ network used by Iran’s Ministry of Defence and Armed Forces Logistics (MODAFL) and Islamic Revolutionary Guard Corps (IRGC) to gain illicit access to the international financial system and process the equivalent of billions of dollars since 2020”. The State Department asserted that “this ‘shadow banking’ revenue supports the Iranian regime’s transfer of weapons and funds to its militant proxies and partners in the Middle East… As well as the transfer of deadly weapons to Russia”.

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