The US Treasury Department designated 21 entities linked to Iran's Islamic Revolutionary Guard Corps-Qods Force as part of efforts to disrupt the country's "shadow banking" network, whilst removing several Iraq-related designations from sanctions lists, the Treasury announced on July 9.

The newly sanctioned entities include companies based in Hong Kong, China, the United Arab Emirates and Turkey that allegedly facilitate financial transactions for the IRGC-Qods Force. Most of the designated firms are Hong Kong-registered trading companies established between 2019 and 2023.

Designations include Bright Spot Goods Wholesalers in Dubai, Golden Globe Demir Celik Petrol in Istanbul, and multiple Hong Kong-based trading companies including Amito Trading Limited, Cetto International Limited and Peakway Global Limited.

The Treasury also updated the designation of Enka Trading Limited, a Hong Kong company previously sanctioned for Russia-related activities, to include links to the IRGC-Qods Force.

Several Iraq-related entries were removed from the Specially Designated Nationals list, including former Trade Minister Mohammed Mahdi Saleh and Syrian national Raw'a Al-Usta. The Treasury also removed multiple entries for Al-Ra'y Satellite Television Channel and related media entities.

Additional removals included Turkish companies ACL Ithalat Ihracat and its variants, UAE-based Swedish Management Co SA, and several vessels including Rising Harrier, Cattle Force, Hercules, Gladiator, Rising Eagle and Rising Falcon.

The designations carry secondary sanctions risk under Executive Order 13224, as amended by Executive Order 13886, meaning non-US entities that conduct transactions with the designated companies could face US sanctions.

The action represents the latest effort by the Trump administration to increase pressure on Iran's financial networks following the recent 12-day conflict between Israel and Iran that ended with a US-brokered ceasefire.

The Treasury's Office of Foreign Assets Control regularly updates its sanctions lists to reflect changing geopolitical circumstances and enforcement priorities, with the latest action focusing on disrupting Iran's ability to access international financial systems.