US targets ‘shadow banking’ network helping Iran evade sanctions

The United States on Thursday imposed sanctions on 39 entities that Washington said facilitate Iran’s access to the global financial system, describing them as a “shadow banking” network that moves billions of dollars.
The US Treasury Department in a statement said those targeted had granted companies previously slapped with Iran-related sanctions, such as Persian Gulf Petrochemical Industry Commercial Co (PGPICC) and Triliance Petrochemical Co Ltd, access to the international financial system and helped them hide their trade with foreign customers.