US sanctions financial network supporting Iran's military

The US Treasury Department issued a fresh round of sanctions Tuesday targeting individuals and entities which Washington accuses of financing Iran's military.

The Department of the Treasury's Office of Foreign Assets Control (OFAC) said in a statement that they were targeted for their roles in coordinating funds transfers, including from the sale of Iranian oil, that benefits the Islamic Revolutionary Guard Corps (IRGC)-Qods Force (QF) and Iran's Ministry of Defense and Armed Forces Logistics (MODAFL).

"Iranian entities rely on shadow banking networks to evade sanctions and move millions through the international financial system," said Under Secretary of the Treasury for Terrorism and Financial Intelligence John K. Hurley.

The US "will continue to disrupt these key financial streams that fund Iran's weapons programs and malign activities in the Middle East and beyond," Hurley added.