US sanctions Iranian exchange house and 19 shadow fleet vessels

The US Treasury Department has placed sanctions on Amin Exchange, also referred to as Ebrahimi and Associates Partnership Company, for managing a series of front companies in Turkey, the UAE, and Hong Kong. Furthermore, 19 ships linked to the transportation of Iranian petroleum and petrochemicals have been restricted. Treasury Secretary Scott Bessent remarked that Iran’s clandestine banking network supports illegal transfers intended for terrorist activities. These exchange houses facilitated billions in annual foreign currency transactions, enabling Iran to bypass sanctions and gain access to global financial systems. These sanctions come in the wake of Iran's proposal to the US to cease hostilities across all fronts.