US sanctions 10 Iran-linked entities in Hong Kong, Pakistan
The U.S. Treasury Department sanctioned 10 individuals and entities in Iran, Hong Kong, and Pakistan for enabling Iran’s military supply chain, citing involvement in weapons procurement for Iran’s Ministry of Defence and Armed Forces Logistics. The move is part of Operation Economic Outcast and follows Biden administration actions in 2024 targeting missile and drone proliferation. It coincides with Iran’s rial hitting a record low of 2.5 million rials per U.S. dollar on Tuesday — exceeding its prior low of 2.2 million on September 2. The war began February 28, and the currency has declined steadily since. Sanctions compound years of international pressure and this year’s U.S. naval blockade on Iranian oil.