FINANCE

U.S. Sanctions Hong Kong Firms Over Alleged Iranian Shadow Banking Network

Published: May. 6, 2026 4:59 p.m. GMT+8

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The U.S. Treasury Department building in Washington, D.C. Photo: VCG

The U.S. imposed sanctions on 35 entities and individuals, including eight Hong Kong-based companies, accusing them of helping Iran move illicit funds through a shadow banking network.

The measures, announced April 28 by the Treasury Department’s Office of Foreign Assets Control, target what Washington described as a system used by Iranian banks to move tens of billions of dollars linked to “sanctions evasion and Iran’s sponsorship of terrorism.”

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US sanctioned 35 entities/individuals, including 8 Hong Kong firms, for aiding Iran's shadow banking to evade sanctions and fund terrorism via tens of billions in illicit funds.
Announced April 28 by Treasury's OFAC; targeted Iranian banks' use of shells for oil trade, NIOC, central bank, IRGC payments.
HK firms Fratello Carbone ($20M+ for NIOC), Gasolix, Nooseb fronted for Bank Melli; follows January sanctions on 18 entities.

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Who’s Who

National Iranian Oil Co.: U.S. sanctions target a shadow banking network used by Iranian banks to process payments linked to National Iranian Oil Co. (NIOC)'s oil trade and sanctions evasion. Fratello Carbone transferred over $20 million for NIOC; Gasolix International moved NIOC proceeds. (45 words)

Bank Melli: Bank Melli, one of Iran’s largest state-owned banks, used Hong Kong firms as front companies in a shadow banking network to process illicit payments linked to Iran’s oil trade, NIOC, and sanctioned entities. US sanctions target this system for sanctions evasion and terrorism sponsorship, following a January action on its operations.

Fratello Carbone: Fratello Carbone, a Hong Kong-based firm, was sanctioned by the US Treasury for transferring more than $20 million on behalf of Iran's National Iranian Oil Co. (NIOC). It acted as a front company in a shadow banking network aiding Iran's sanctions evasion and oil trade.

Gasolix International: Gasolix International, a Hong Kong-based firm, was sanctioned by the U.S. Treasury on April 28 for allegedly moving proceeds of Iran's National Iranian Oil Co. (NIOC) through a shadow banking network, aiding sanctions evasion and terrorism sponsorship.

Nooseb Trade: Nooseb Trade, a Hong Kong-based firm, was sanctioned by the U.S. Treasury on April 28 for handling petroleum-related payments in Iran's shadow banking network, aiding sanctions evasion for entities like National Iranian Oil Co. (NIOC).

Bank-e Shahr: Bank-e Shahr, an Iranian bank, was targeted in a January U.S. sanctions round alongside Bank Melli. The Treasury sanctioned 18 entities and individuals linked to their shadow banking operations, used for sanctions evasion, oil trade, and terrorism sponsorship. (38 words)

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