US imposes sanctions on three Iranian currency exchanges — accusing them of laundering billions

Source: New York Post

The US Treasury Department imposed sweeping sanctions Friday on three major Iranian currency exchange houses and more than a dozen front companies, The Post has learned, accusing them of laundering billions of dollars in foreign currency to bankroll Tehran’s military and proxy network. This crackdown, a cornerstone of the Trump administration’s “Economic Fury” maximum-pressure campaign, targets the shadow banking systems that help Iran convert illicit oil revenue.   Because these revenues are largely paid in Chinese yuan, these networks are vital for converting funds into US dollars, euros, and other usable currencies for the regime.