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U.S. blacklists ‘front companies’ of Iran’s leaders

Published: Updated:

The United States identified and blacklisted Tuesday what it called a “major network of front companies” serving Iran's leadership.

It said the 37 companies under The Execution of Imam Khomeini's Order both pull in money from state business for the leaders and work to circumvent international sanctions on the regime.

“EIKO and its subsidiaries -- one that manages and controls EIKO's international front companies, and another that manages billions of dollars in investments -- work on behalf of the Iranian Government and operate in various sectors of the Iranian economy and around the world, generating billions of dollars in profits for the Iranian regime each year,” the U.S. Treasury said.

In addition, it said, “EIKO has been tasked with assisting the Iranian government's circumvention of US and international sanctions. Because of this unique mission, EIKO has received all of the funding it needs to facilitate transactions through its access to the Iranian leadership.”

The Treasury identified the network for sanctions under an executive order that permits the freezing of any assets held by the Iranian leadership in the United States.