U.S. further sanctions billionaire-led network enabling Iran

The Trump administration cracked down on Iran’s financing on Friday and blackballed 13 key players and entities it said were in a network Iran used to evade sanctions. The new penalties came in response to Iran’s renewed attacks on ships in the Strait of Hormuz and neighboring Gulf countries, according to the State Department. Treasury officials singled out four individuals and nine entities as parts of a shadow network led by Iranian billionaire Babak Zanjan. He has funded Iran’s destabilizing activities and supported the Islamic Revolutionary Guard Corps, U.S. officials said.

The Treasury Department will make Iran pay for its reckless behavior by cutting off economic access for corrupt Iranian elites, financiers, and facilitators, Secretary Scott Bessent said in the Friday statement.

How did the network avoid sanctions? The 52-year-old businessman owned one of Iran’s largest international business groups, Sorinet Group, and operated out of several countries, including the United Arab Emirates, Turkey, and Malaysia. Treasury officials described Zanjani’s financial portfolio as diverse, including digital assets and large infrastructure projects, along with gold and precious gem production. Zanjani used the expansive portfolio to obscure ties to Iran, allowing him to covertly launder funding and move revenue in and out of Iran, according to the Treasury Department.

How many people and businesses were embargoed? Treasury officials already sanctioned Zanjani in January, along with his two largest digital finance projects. Friday’s expanded sanctions covered more of Zanjani’s network, along with intimate associates. Officials now have sanctioned:

• Turkey-based Zedpay Finansal Sistem Ve Hizmetleri Anonim Sirketi, a financial tech company operating digital wallet and global transfer services, along with Zedpay’s chairman, Mehdi Rezazadeh.
• Dubai-based Zedx DMCC, an entity known to work on Zanjani’s behalf, along with Zedx manager Sukhrob Oimakhmadov.
• Dubai-based diamond dealer BZ Diamond FZCO, and its manager, Zanjani’s sister, Bahareh Morteza Zanjani.
• The billionaire’s significant other, Solmaz Bani, who has registered websites on Zanjani’s behalf.
• Dot One Value Creation Group, a holding company controlled by Zanjani and claiming involvement in telecommunications, aviation, and digital assets.
• Zanjani’s gold bar mining and production company, DotOne Gold Company.
• His railway construction business group, DotOne Rail Company.
• A third-party clearing house for managing transaction data tied to Zanjani, DotOne Barter Company.
• Zanjani's airline company, DotOne Airlines Company.
• His ride-share operation, DotOne Trip.

The United States called on international governments and financial groups to stop engaging with Zanjani entities or the broader network supporting Iran.