The U.S. Treasury sanctioned nine firms and four people tied to Iranian financier Babak Zanjani, hitting a network that reaches into digital asset exchanges, gold production and infrastructure. Washington framed the move as part of a widening pressure campaign as U.S. strikes across Iran intensify and the country’s currency sinks to record lows.
The United States on Friday sanctioned nine firms and four people in the business network of Iranian financier Babak Zanjani, accusing them of helping Tehran evade sanctions even as U.S. forces escalated strikes across Iran. The Treasury Department said the designations target Zanjani’s “Dot One” conglomerate along with firms in Turkey and the United Arab Emirates that backed his already sanctioned exchanges.
A portfolio built to move money
Treasury said Zanjani had leveraged a portfolio spanning financial services, gold and gem production, and infrastructure to launder revenue and move funds covertly for Iran. His two largest digital asset projects, Zedcex and Zedxion, were first designated by the Office of Foreign Assets Control in January.
The financier’s history runs deeper still. Zanjani, a billionaire convicted of fraud, was sentenced to death for embezzlement in 2016. His sentence was commuted in 2024, and he re-emerged as a backer of Iranian government projects by 2025. Those ventures included an $800 million rail contract secured in April 2025.
Pressure on a strained economy
These sanctions add to a widening campaign of military and economic pressure on Iran. The country’s currency has hit record lows, and inflation exceeds 60% alongside negative growth. Reuters reported that the resurgence of military hostilities has ratcheted up pressure on Iran’s economy.
According to Reuters, Treasury Secretary Scott Bessent said Iran was paying a “steep economic price for its reckless behavior” as the rial plunged to another record low. State Department spokesman Tommy Pigott, meanwhile, tied the action to Iran’s attacks on vessels transiting the Strait of Hormuz and urged governments worldwide not to engage with Zanjani.
Source: Reuters
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