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The US Treasury Department sanctioned two Iranian financiers and numerous entities in Hong Kong and the UAE for allegedly facilitating over $100 million in cryptocurrency transactions linked to Iranian oil sales. These transactions, channeled through a network of front companies, allegedly benefited Iran's government and military. The sanctions, authorized under a Trump-era executive order, aim to disrupt Iran's funding of weapons programs and other activities. This action follows the triggering of a UN sanctions snapback mechanism due to Iran's nuclear program and failed nuclear deal negotiations.

Prepared by Rachel Morgan and reviewed by editorial team.