The Trump administration has imposed sanctions on an Iranian foreign currency exchange house and what it says are front companies overseeing transactions on behalf of Iranian banks, as the US maintains pressure on Tehran, Reuters reports.

The Treasury department has imposed sanctions on the Iran-based Amin Exchange, also known as Ebrahimi and Associates Partnership Company, which it claims has a widespread network of front companies spanning multiple jurisdictions, including in the United Arab Emirates, Turkiye, and Hong Kong.

The US has also blocked 19 vessels it claims are involved in shipping Iranian petroleum and petrochemicals to foreign customers.

According to the Treasury department, Iranian exchange houses facilitate billions of dollars in foreign currency transactions a year, enabling the government to evade sanctions and access the international financial system. It adds that front companies oversee hundreds of millions of dollars in transactions on behalf of Iranian banks.

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