The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has announced sanctions against a procurement network accused of illegally exporting goods and technology from U.S. companies to Iran. The Central Bank of Iran (CBI) is listed among the end users of these products.
In a statement released by the Treasury, it was specified that the sanctions are targeted at three individuals and four entities that have violated U.S. export restrictions and sanctions by procuring advanced U.S. technology for CBI. This includes information security products which fall under the purview of U.S. Commerce Department national security and anti-terrorism controls.
The Treasury statement further identifies those implicated in the Iranian transshipment network as Iran-based Informatics Services Corporation (ISC), a subsidiary of CBI known publicly as CBI’s technology arm; UAE-based Advance Banking Solution Trading DMCC and Freedom Star General Trading Co.; and Turkey-based Ted Teknoloji Gelistirme Hizmetleri Sanayi Ticaret Anonim Sirketi. The individuals named are ISC CEO Seyed Abotaleb Najafi, ISC employee Pouria Mirdamadi, and Mohammad Reza Khademi, president of Freedom Star General Trading Co.
The press release clarifies that these sanctions effectively block all property and interests in property belonging to the designated persons within the United States. This block also extends to any entities directly or indirectly owned, individually or in aggregate, 50 percent or more by one or more blocked persons.
In another statement from the Treasury, it was revealed that CBI had previously been sanctioned for its financial support of the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) and Hizballah in September 2019 under E.O. 13224, as amended. "The Central Bank of Iran has played a critical role in providing financial support to the IRGC-QF and Hizballah, two key actors intent on further destabilizing the Middle East," said Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson. "The United States will continue to use all available means to disrupt the Iranian regime’s illicit attempts to procure sensitive U.S. technology and critical inputs."