OFAC has dismantled key nodes of Iran’s rahbar currency network, targeting Shahr Bank’s exchange house fronts in the UAE and their global shell company infrastructure. This action, the eighth in 2026 under the Economic Fury maximum pressure campaign, targets over a dozen individuals and entities facilitating hundreds of millions in illicit transactions.

  • Individuals:
  • Saeed Ghasempour: Iranian national; Shahr Bank employee coordinating with sanctioned Russian VTB Bank on currency conversions and working closely with FSAQ and Alps International.
  • Shima Sharifi: Iranian national; FSAQ employee coordinating invoices and payments for sanctions evasion.
  • Peivand Mohammad: Iranian national; FSAQ employee coordinating invoices and payments for sanctions evasion.
  • Amir Hendi: Iranian national; IT specialist providing critical infrastructure support to Titan Exchange.
  • Basheer Abdulkadhim Alwan al-Shabbani: Designated per E.O. 13224 for facilitating the transport of fighters, weapons, and money from Iran to the IRGC-QF and Iran-aligned militias.
  • Entities:
  • Titan Exchange: Dubai, UAE. Operates under Titan Land Petrochemicals Trading L.L.C and Titan Energy Petroleum Products Trading Co. L.L.C. Primary exchange house front for Shahr Bank; held tens of millions of dollars for the bank as of early 2026.
  • Alps International L.L.C-FZ: Dubai, UAE. Executes payments for FSAQ, generates false invoices for Chinese shell companies, and enabled hundreds of millions in transactions in 2026.
  • Oviedo Overseas Company Limited: Hong Kong. Used by FSAQ and Alps International to complete millions in transaction orders.
  • Cailafang Pte. Ltd.: Singapore. Used by FSAQ and Alps International to enable tens of millions in Iranian trade since late 2025.
  • Blue Dash General Trading Company Limited: Hong Kong. Recurring front company counterparty for shadow banking activities by Iranian exchange houses and the Shamkhani shipping network.
  • Gleaming HK Trading Limited: Hong Kong. Recurring front company counterparty for shadow banking activities by Iranian exchange houses and the Shamkhani shipping network.
  • Aydeniz General Trading L.L.C: Dubai, UAE. Iranian front company used to facilitate transactions with Sadaf Exchange, a key shadow banking entity tied to Iran’s military.
  • Key Technical Details:
  • No digital currency addresses or license wind-down periods were included in this action. The designations were made pursuant to E.O. 13902 and E.O. 13224, targeting the financial and petroleum sectors, as well as support to the IRGC-QF.