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OFAC Sanctions Hong Kong, Iran Companies for Supplying Iran Military

The U.S. last week sanctioned a network of companies in Hong Kong and Iran for supplying materials and sensitive technology for Iran’s ballistic missile and drone programs. OFAC said the companies act as “covert procurement entities” for Iran and have helped the country develop its Shahed-series unmanned aerial vehicles that Iran sends to Russia for its war against Ukraine.

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The designations target Hong Kong-based FY International Trading Co., Limited; Duling Technology HK Limited; Advantage Trading Co., Limited; and China Oil and Petroleum Company Limited, which has sold hundreds of millions of dollars’ worth of Iranian commodities for the Iranian military. OFAC also sanctioned Narin Sepehr Mobin Isatis, an Iran-based subsidiary of Hamed Dehghan and Pishtazan Kavosh Gostar Boshra, an entity previously designated by OFAC for supporting Iran.