US Sanctions Eight Canadian Businesses Over Alleged Iran-Linked Financial Transactions

Washington: The US has imposed sanctions on eight Canadian businesses over alleged illicit financial transactions linked to Iran, even as President Donald Trump said talks with Tehran were underway and claimed the US was in a strong position militarily. He also said the Strait of Hormuz was reopening.

The Treasury Department announced the measures under “Operation Economic Outcast”, accusing the businesses of exchanging Iranian currency, transferring funds through cryptocurrency and dealing with sanctioned crypto exchanges and wallet addresses linked to Iran’s Islamic Revolutionary Guard Corps (IRGC).

The action was coordinated with several agencies, including Canada’s financial intelligence unit.

Assets belonging to the designated businesses under US jurisdiction have been frozen, while US individuals and entities are barred from conducting transactions with them without authorisation.

The Treasury clarified that the sanctions do not amount to a legal finding of criminal guilt.