The US is continuing its blitz of sanctions on third-country entities that Washington believes are helping sanctioned entities to continue doing business in global markets.

The latest sanctioning of 39 entities in Hong Kong, Singapore, Turkey and the UAE relate to them allegedly forming a “shadow banking” network for sanctioned Iranian entities such as Persian Gulf Petrochemical Industry (PGPI) and Triliance Petrochemical to access the international financial system and obfuscate their trade with foreign customers.

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