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The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) has imposed sanctions on 18 Iranian individuals and entities, including subsidiaries of Fanap Holding and its CEO, Shahab Javanmardi. Fanap, along with eight affiliated companies such as Dotin, Fanaptech, and Baran Telecom, is among those targeted.
The sanctioned entities also include Pasargad Arian Information and Communication Technology Development Company, Pasargad Arian Infrastructure Information and Communication Technology Company, Data Arman Kish Information and Communication Technology Company, Pasargad Arian Payment Information and Communication Technology Company in Arvand Free Zone, Cyrus Offshore Bank, Pasargad Electronic Payment Services Company, Datis Arian Qeshm Software Company, Rashed System Electronic Processing Company, Ranak Clearinghouse System Company, and Baran Telecom.
According to OFAC’s statement, these measures were taken due to alleged involvement in complex banking schemes, alternative payment messaging systems, advanced surveillance technologies, and efforts to bypass existing sanctions.
Under the sanctions, all assets and interests of the designated individuals and entities within the United States or controlled by U.S. persons must be frozen and reported to OFAC. Additionally, any entity owned 50% or more by sanctioned individuals is automatically blocked. U.S. citizens or individuals within U.S. territory are prohibited from engaging in transactions involving the assets or interests of these blocked persons unless authorized by OFAC.
