The Department of the Treasury in the US has sanctioned a procurement network responsible for illegally exporting technology to the Central Bank of Iran (CBI).

The central bank is designated in the US for its role in providing financial support to Lebanese militant group Hezbollah and the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF).

The Treasury's Office of Foreign Assets Control (OFAC) said that it found over two dozen US companies exporting goods and tech to end-users in Iran, including items classified as information security items subject to national security and anti-terrorism controls.

“The Central Bank of Iran has played a critical role in providing financial support to the IRGC-QF and Hezbollah, two key actors intent on further destabilising the Middle East,” said under secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson. “The United States will continue to use all available means to disrupt the Iranian regime’s illicit attempts to procure sensitive U.S. technology and critical inputs.”

The US has now sanctioned three individuals and four entities tied to the procurement of sophisticated technology for use by CBI in violation of US export restrictions and sanctions.

The Treasury said that all property and interests in property of those involved are blocked and must be reported to the OFAC.

Any entities that are owned, directly or indirectly, individually or in the aggregate, 50 per cent or more by one or more of those that have been sanctioned are also blocked.

Financial institutions that engage in certain transactions or activities with the sanctioned entities and individuals could face sanctions or be subject to enforcement action.

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