The U.S. Treasury has imposed sanctions on Iranian financiers and entities across Hong Kong and the UAE for allegedly facilitating over $100 million in cryptocurrency transfers from Iranian oil sales, aimed at benefiting Iran's government and military.

These shadow banking networks are evading sanctions by laundering money through overseas front companies and cryptocurrencies, making it more difficult to track and block illicit financial flows.

The sanctions prohibit the targeted individuals and entities from accessing U.S. property or assets, and bar U.S. persons and companies from conducting business with them.

Efforts to negotiate a new nuclear deal between the U.S. and Iran have stalled since mid-2025, following recent military actions and ongoing tensions, including Israeli and U.S. strikes on Iranian nuclear and military sites earlier this year.

These latest measures follow France, Britain, and Germany’s trigger of a UN snapback mechanism, reimposing sanctions on Iran over its nuclear program after Iran's departure from the 2015 nuclear deal.

The reimposition of UN sanctions by France, Britain, and Germany reflects ongoing tensions and the failure of nuclear negotiations since earlier this year, with Iran deviating from the deal.

The sanctions are part of broader efforts to pressure Iran's military capabilities and limit its access to international financial systems.

Recent U.S. actions also include sanctions against a Greek shipping company owned by Antonios Margaritis, accused of facilitating Iranian oil transportation and sales, following previous rounds of sanctions.