The United States has intensified its economic pressure on Tehran, imposing new sanctions on an Iranian foreign currency exchange house and several associated front companies. This latest action by the Trump administration forms part of ongoing efforts to exert pressure on Iran. The sanctions follow Iran’s recent peace proposal to the United States concerning the conflict that commenced on February 28, a proposal which included calls for an end to hostilities, withdrawal of US forces from specific areas, and reparations for conflict-related destruction.
The Treasury Department designated Amin Exchange, also known as Ebrahimi and Associates Partnership Company, an Iran-based entity. It is accused of operating a widespread network of front companies across various jurisdictions, including the United Arab Emirates, Turkey, and Hong Kong. The US also blocked 19 vessels, alleging their involvement in shipping Iranian petroleum and petrochemicals to foreign customers. The Treasury stated Iranian exchange houses facilitate billions in foreign currency transactions annually, enabling the government to evade sanctions and access the international financial system. These front companies are said to oversee hundreds of millions in transactions for Iranian banks.
Treasury Secretary Scott Bessent highlighted the department’s strategy, asserting, “Iran’s shadow banking system facilitates the illicit transfer of funding for terrorist purposes.” He added that as Treasury systematically dismantles Tehran’s shadow banking system and shadow fleet, financial institutions must be alert to the regime’s manipulation of the international financial system. The Office of Foreign Assets Control also named eight specific front companies aiding Amin Exchange, based in China, Hong Kong, and the UAE. These sanctions block US assets of designated entities and prevent Americans from conducting business with them.
