HomeAll NewsEducationTV
Equities & FundsCrypto & Digital AssetsAI & TechnologyBusiness & CorporateUS Politics & PolicyGeopolitics & Global RiskMacro, Rates & FXCommodities & EnergyEuropean Politics & MarketsAsia-PacificReal Estate & Property
Story archiveAll categories
← All Stories

US targets Iranian financier Zanjani's network with new sanctions

Created at 24 Jul · 4:12 PM1 source↑ Market-relevant
IN SHORT

The U.S. Treasury Department has imposed sanctions on nine firms and four individuals linked to Iranian financier Babak Zanjani, aiming to disrupt his efforts to evade U.S. sanctions through digital asset exchanges and other operations.

✉Newsletter

PiQ Daily

Pick your topics. Get only what matters, on your cadence.

Key Numbers

$800 millionrail contract secured by Zanjani's Dot One projects
60%-plusIran's inflation rate

Who's Involved

Babak Zanjani
Sanctioned Iranian financier and head of 'Dot One' conglomerate
U.S. Treasury Department
Imposed new sanctions on Zanjani's network
Scott Bessent
Treasury Secretary commenting on the sanctions
Mehdi Rezazadeh
Chairperson of Istanbul-based Zedpay, sanctioned
Sukhrob Oimakhmadov
Manager of Dubai-based Zedx DMCC, sanctioned
Bahareh Morteza Zanjani
Manager of Dubai-based BZ Diamond FZCO, sanctioned
Solmaz Bani
Zanjani's partner, sanctioned for registering company websites
US targets Iranian financier Zanjani's network with new sanctions

↳ Why This Matters

These sanctions aim to further isolate Iran's financial networks and disrupt its ability to fund illicit activities, impacting its economy and its support for regional proxies.

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.

Frequently asked questions

Babak Zanjani is an Iranian financier convicted of fraud and embezzlement, who has been a key figure in Iran's sanctions-evasion network. He was previously sentenced to death in Iran, but his sentence was commuted.

The 'Dot One' conglomerate is an Iran-based operation led by Babak Zanjani, involved in various projects including infrastructure, transportation, and gold minting, which the U.S. Treasury alleges are used for money laundering.

Iran's economy is facing pressure from U.S. sanctions, leading to a plunging currency and high inflation, exacerbated by resurgent military hostilities.

What Happens Next

01The U.S. Treasury will continue to monitor and cut off economic access for Iranian regime elites and their facilitators.

Get the newsletter.

Pick the topics you actually care about. We'll email when there's news worth your time, on the cadence you choose. Cancel any time from your account.

Cadence

How It Developed

The U.S. Treasury Department announced new sanctions against nine firms and four individuals.
The designations target operations associated with Iranian financier Babak Zanjani.
The sanctioned entities and individuals are accused of supporting Zanjani's efforts to evade U.S. sanctions.
The sanctions target Zanjani's Iran-based 'Dot One' conglomerate and firms in Turkey and the UAE.
The Treasury Department stated Zanjani used financial services, digital assets, and gold to launder revenue for Iran.
Zanjani was previously designated in January for his digital asset projects, Zedcex and Zedxion.
Zanjani was convicted of fraud and sentenced to death in Iran in 2016, with his sentence commuted in 2024.
Following his commutation, Zanjani backed infrastructure projects and digital asset companies used to launder money for the IRGC.
Sponsored

London Quick Take - 22 July - UK inflation softens, oil rises and chips rally ahead of Alphabet, Tesla earnings

SAXO

Sources

T1
US hits network of Iranian financier Zanjani with more sanctionsReuters

Related Stories

Pentagon awards Oracle nearly $7 billion deal to consolidate software
23 Jul · 9:06 PM
Trump Imposes Tariffs on 80+ Countries Over Forced Labor Concerns
23 Jul · 9:11 PM
Switzerland disputes US forced labour claims as new tariffs take effect
24 Jul · 6:01 AM
US Imposes Tariffs on 60 Nations Over Forced Labor Concerns
23 Jul · 9:36 PM
Mexico expects no change from new US tariffs due to USMCA exemptions
23 Jul · 10:54 PM