US applies sanctions over Iran shadow banking, drone network

By FATIMA HUSSEIN
Associated Press

WASHINGTON (AP) — The United States has slapped more sanctions on people and firms associated with Iran and with what it calls an illicit banking network used to conceal transactions. The U.S. said Thursday it placed the penalties on 39 firms linked to a shadow banking system that helped to muddy financial activity between sanctioned Iranian firms and foreign buyers, namely for petrochemicals. The sanctions come a day after the Treasury Department hit Iranian prison officials with sanctions over allegations of violations of women’s rights. The Treasury Department also imposed sanctions on Chinese firms believed to have sold and shipped drone components to Iran, which is accused of supplying Russia for its war in Ukraine.