Key facts
- The U.S. Treasury Department sanctioned nine firms and four individuals linked to Iranian financier Babak Zanjani.
- The sanctions target Zanjani's operations, including digital asset exchanges and firms in Turkey and the UAE.
- Zanjani is accused of using financial services, digital assets, and gold to launder revenue for Iran.
- The designated entities include Zanjani's 'Dot One' conglomerate and its subsidiaries.
- Zanjani was previously sanctioned in January for his digital asset projects.
The United States has imposed further sanctions on nine firms and four individuals associated with Iranian financier Babak Zanjani, accusing them of attempting to circumvent U.S. sanctions. The U.S. Treasury Department announced the designations on Friday, targeting Zanjani's operations in Iran, Turkey, and the United Arab Emirates.
According to the Treasury, Zanjani has utilized a broad range of activities, including financial services, digital asset trading, and precious metal dealings, to launder revenue and move funds covertly for Iran. Treasury Secretary Scott Bessent stated that the regime is facing significant economic consequences, with its currency, the rial, at a record low and inflation soaring.
Zanjani, who has a history of fraud convictions and was sentenced to death in Iran in 2016 before his sentence was commuted in 2024, had previously been sanctioned in January. The Treasury noted that after his sentence commutation, Zanjani backed infrastructure projects and established digital asset companies like Zedcex and Zedxion, which allegedly facilitated money laundering for the Islamic Revolutionary Guard Corps (IRGC).
The newly sanctioned entities include Zanjani's Iran-based 'Dot One' conglomerate and its subsidiaries, such as Dot One Value Creation Group, Dot One Gold Company, Dot One Rail Co, Dot One Barter Co, Dot One Airlines Co, and Dot One Trip. Also designated were Istanbul-based Zedpay Finansal Sistem Ve Hizmetleri Anonim Sirketi and its chairperson Mehdi Rezazadeh, Dubai-based Zedx DMCC and its manager Sukhrob Oimakhmadov, and Dubai-based BZ Diamond FZCO and its manager Bahareh Morteza Zanjani, who is Zanjani's sister. Zanjani's partner, Solmaz Bani, was also sanctioned for her role in registering websites for his companies.