The U.S. Treasury Department has announced sanctions against more than 30 individuals and companies accused of helping Iran evade sanctions and launder billions from oil and petrochemical sales to fund its nuclear and missile programmes.

The sanctioned network operated as a system of “shadow banking” involving front companies in places such as Hong Kong and the United Arab Emirates, the department said in a statement.

The goal, it said, was to bypass existing sanctions, obscure the origin of oil proceeds, and funnel money into military-linked projects.

The new sanctions freeze any U.S.-based assets of the targeted entities and bar U.S. citizens from doing business with them.

The measures also complicate the ability of those sanctioned to operate internationally, especially in transactions involving U.S. dollars.

Washington and Tehran are engaged in negotiations over the future of Iran’s nuclear programme.

U.S. President Donald Trump has repeatedly said he “aims to prevent Iran from developing nuclear weapons.”

Tehran insists its nuclear activities are purely for civilian purposes.

Trump has warned that military action remains on the table if diplomacy fails.

(dpa/NAN)