US imposes fresh sanctions on Iranian exchange house, shadow fleet vessels

The Trump administration on Tuesday imposed sanctions on an Iranian foreign currency exchange house and ‌what it said were front companies overseeing transactions on behalf of Iranian banks as the U.S. maintains pressure on Tehran.

The move came after Iran said its latest peace proposal to the United States over the U.S.-Israeli led war that started February 28 involves ending hostilities on all fronts including Lebanon, the exit of U.S. forces from areas close to Iran, and reparations for destruction caused ?by the conflict.

The Treasury Department imposed sanctions on the Iran-based Amin Exchange, also known as Ebrahimi and Associates Partnership Company, which it said has a widespread network of front companies spanning multiple jurisdictions, including in the United Arab Emirates, Turkey, and Hong Kong.

The U.S. also blocked 19 vessels it said were involved in shipping Iranian petroleum and petrochemicals to foreign customers.

The Treasury Department said Iranian exchange houses facilitate billions of dollars in foreign currency transactions a year, enabling the government to evade sanctions and access the international financial system. It said the front companies oversee hundreds of millions of dollars ‌in transactions ?on behalf of Iranian banks.

Reuters