The Biden administration has announced sanctions on 39 entities, mostly based in the UAE and Hong Kong, that it says have facilitated Iran's access to the global financial system. These entities are part of what the US has described as a "shadow banking" network, which moves billions of dollars for Iranian clients and helps them evade US sanctions.

The move is part of the US's efforts to curb Iran's nuclear program and curb its support for regional proxies. In addition to this, Washington has also targeted Chinese companies that have exported Iran's petrochemicals. The new measures demonstrate the US's commitment to enforcing sanctions and its ability to disrupt Iran's foreign financial networks, which it uses to launder funds.

Secretary of State Antoni Blinken said that "Iran cultivates complex sanctions evasion networks where foreign buyers, exchange houses, and dozens of front companies cooperatively help sanctioned Iranian companies to continue to trade." Deputy Treasury Secretary Wally Adeyemo added that the US will continue to use every tool at its disposal to disrupt these efforts and work with allies and partners to hold Iran accountable for its actions.