The United States has blacklisted what it calls a massive "network of front companies" serving Iran's leadership.
The U.S. Treasury Department said on June 4 that 37 companies-- operating under the Execution of Imam Khomeini's Order (EIKO) -- generate money from state business for Iran's leaders and work to evade international sanctions on the regime.
In its statement, the Treasury Department said, "The purpose of this network is to generate and control massive, off-the-books investments, shielded from the view of the Iranian people and international regulators."
According to the statement, EIKO generates tens of billions of dollars in profit for Iran's leadership each year.
The Treasury Department identified the network under an executive order that allows the freezing of any assets held by the Iranian leadership in the United States.
With reporting by AFP