US Slaps New Sanctions on Zanjani's Network Amid Iran Economic Pressure

The US Treasury Department has imposed new sanctions on nine firms and four individuals linked to Iranian financier Babak Zanjani, accused of evading US sanctions. The move is part of a broader campaign of economic pressure on Iran, which is already grappling with inflation exceeding 60% and a currency that has hit record lows.

Zanjani's network includes digital asset exchanges, gold and precious gem production, and major infrastructure projects, according to the Treasury Department. He was convicted of fraud in 2016 and had his death sentence commuted in 2024.

The sanctions target Zanjani's Iran-based operations under his 'Dot One' conglomerate and several firms based in Turkey and the UAE that have supported his digital asset exchanges. The US is holding Zanjani accountable for enabling the Iranian regime to evade sanctions and finance its destabilizing activities, including supporting the Islamic Revolutionary Guard Corps.

US Treasury Secretary Scott Bessent said Iran was already paying a 'steep economic price' for its behavior, with inflation up massively and the rial plunging to another record low. The Treasury will continue cutting off economic access for members of the Iranian government and their financiers.