The claim
“On Friday, the Trump administration sanctioned three Iranian foreign currency exchange houses and associated front companies, which U.S. officials say constitute a key shadow banking system used to move billions of dollars in oil revenue.”
Our verdict
True
The claim is directly supported by the Treasury Department's press release and corroborated by two independent news outlets, which all describe the sanctioning of three Iranian foreign currency exchange houses and associated front companies as part of a shadow banking system moving billions in oil revenue.
What we found
The claim is directly supported by the Treasury Department's press release and corroborated by two independent news outlets, which all describe the sanctioning of three Iranian foreign currency exchange houses and associated front companies as part of a shadow banking system moving billions in oil revenue.
The evidence
- Background
OFAC designated three Iranian foreign currency exchange houses and their associated front companies, noting they facilitate billions of dollars in foreign currency transactions each year and convert oil revenue settled in Chinese yuan for use by Iran's military and proxies.
home.treasury.gov· Treasury press release
How we checked
We reviewed 1 relevant source.
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