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U.S. Hits Iranian Firms With Sanctions Over Counterfeiting Yemeni Banknotes

Iranian protesters chant slogans as they hold national flags of Yemen during a demonstration in Tehran.

The U.S. Treasury Department says it is imposing sanctions on four companies and two individuals for counterfeiting Yemeni currency worth hundreds of millions of dollars for Iran's powerful Islamic Revolutionary Guards Corps (IRGC).

The Treasury Department said in a statement on November 20 that those sanctioned were part of a network that used "deceptive measures" to get around European export restrictions to buy advanced equipment and materials to print the counterfeits for the IRGC's foreign arm, the Quds Force.

The individuals are Iranian national Reza Heidari and Mahmud Seif, whose nationality was not given, according to the statement.

The sanctioned companies are Pardazesh Tasvir Rayan Co., Tejarat Almas Mobin, and the German firms ForEnt Technik and Printing Trade Center.

Their owners also face sanctions, which include a freeze on any assets they may have in U.S. jurisdictions.

U.S. President Donald Trump's administration added the IRGC to its counterterrorism sanctions list last month.

Based on reporting by AP and Reuters