The United States has imposed new sanctions on Iranian financier Babak Zanjani’s business network, accusing it of helping Iran evade existing restrictions and move funds covertly. The measures form part of wider US economic and military pressure on Iran, and seek to restrict the international financial access of figures Washington says support the Iranian government and Islamic Revolutionary Guard Corps.

Nine companies and four individuals were designated, including firms linked to Zanjani’s Dot One conglomerate in Iran and businesses in Turkey and the United Arab Emirates. US authorities allege the network used financial services, digital assets, gold, gems and infrastructure projects to launder money; Zanjani was sentenced to death for embezzlement in 2016, but his sentence was commuted in 2024.