The Trump administration has escalated its maximum pressure campaign on Iran with a sweeping new round of sanctions targeting its shadow banking network, as President Donald Trump warned that Tehran is “slowwalking” its nuclear decision and that a definitive answer must come “in a very short period of time.”
The U.S. Treasury Department on Friday announced sanctions against 10 individuals and 27 entities across Iran, the United Arab Emirates, and Hong Kong–accusing them of facilitating billions in illicit transactions that fund Iran’s nuclear and missile programs, and sustain its regional terrorist proxies.
“These networks are the financial arteries of the regime’s malign activities,” said Treasury Secretary Scott Bessent. “They enable the sale of sanctioned oil, movement of funds, and corruption that fuels terrorism and threatens global security.”
At the center of the targeted network are three Iranian brothers–Mansour, Nasser, and Fazlolah Zarringhalam–who allegedly operate a global web of front companies that function as a shadow banking system for the Iranian regime. Among the newly sanctioned are UAE-based firms Ace Petrochem FZE and Moderate General Trading LLC, both linked to the National Iranian Tanker Company.
As sanctions tighten, President Trump made it clear the clock is ticking. In a post on Truth Social, he revealed details of his recent call with Russian President Vladimir Putin: “We also discussed Iran, and the fact that time is running out on Iran’s decision pertaining to nuclear weapons, which must be made quickly! I stated to President Putin that Iran cannot have a nuclear weapon and, on this, I believe that we were in agreement. President Putin suggested that he will participate in the discussions with Iran and that he could, perhaps, be helpful in getting this brought to a rapid conclusion. It is my opinion that Iran has been slowwalking their decision on this very important matter, and we will need a definitive answer in a very short period of time!”
U.S. officials say nuclear negotiations remain stalled, with Supreme Leader Ayatollah Ali Khamenei refusing to curtail uranium enrichment. Iran’s program is reportedly nearing weapons-grade levels, a red line for Washington.
“This is a final window for diplomacy,” said a senior White House official. “The President has made clear that all options remain on the table if Iran refuses to change course.”
The Treasury Department noted that Iran’s shadow network uses exchange houses and shell companies–primarily in Hong Kong and the UAE–to generate fictitious invoices and bypass sanctions. These operations have long helped Tehran mask oil exports and finance groups like Hezbollah and the Houthis.
“Iranian whistleblowers have documented billions embezzled through these systems–robbing their own people while enriching regime elites,” Bessent said.
With Russia signaling interest in mediating, and Trump pushing for a swift resolution, the coming days could mark a turning point in one of the world’s most dangerous nuclear standoffs.
“We will not allow Iran to obtain a nuclear weapon,” Trump said flatly. “Not on my watch.”
