U.S. Targets Iran Shadow Banking Networks Moving Oil Revenue
This is OFAC’s eighth action in 2026 targeting Iran’s shadow banking apparatus.
MIDDLE EAST — On August 7, the U.S. Department of the Treasury’s Office of Foreign Assets Control designated multiple networks spanning several countries for enabling Iran’s rahbar banking system to move hundreds of millions of dollars, according to Treasury press release and a State Department statement by Spokesperson Thomas “Tommy” Pigott.
The action targets currency exchange houses and shell companies that helped Iran access oil revenue and evade sanctions, and was taken pursuant to Executive Order 13902, which targets persons operating in Iran’s financial and petroleum sectors, and advances National Security Presidential Memorandum 2.
This is OFAC’s eighth action in 2026 targeting Iran’s shadow banking apparatus. Treasury designated the following:
Titan Exchange (also operating as Titan Land Petrochemicals Trading L.L.C and Titan Energy Petroleum Products Trading Co. L.L.C)
Alps International L.L.C-FZ
Saeed Ghasempour of Shahr Bank
Shima Sharifi and Peivand Mohammad of FSAQ
Amir Hendi
Oviedo Overseas Company Limited
Cailafang Pte. Ltd.
Blue Dash General Trading Company Limited
Gleaming HK Trading Limited
Aydeniz General Trading L.L.C
Basheer Abdulkadhim Alwan al-Shabbani
Titan Exchange held tens of millions of dollars on behalf of Shahr Bank as of early 2026. Alps International enabled hundreds of millions of dollars of transactions in multiple currencies in 2026.
