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U.S. Targets Network For Ignoring Iran Sanctions

The United States is blacklisting an Iranian businessman, a Malaysian bank, and several companies for allegedly attempting to evade economic sanctions against Iran.

The Treasury Department said that Babak Morteza Zanjani operated a network of front companies to help Iran access oil revenues in violation of U.S. sanctions.

The department said the network moved billions of dollars, including tens of millions to a company controlled by Iran's elite Revolutionary Guards Corps.

The Malaysia-based First Islamic Investment Bank is also being blacklisted.

The sanctions are intended to pressure Tehran over its nuclear program.

The United States suspects Iran is working to develop nuclear weapons, a charge that Tehran denies.

With reporting by AP