https://www.wsj.com/articles/clandestine-finance-system-helped-iran-withstand-sanctions-crush-documents-show-11647609741
Iran’s economy has been hobbled by sanctions, and the value of its currency, the rial, has dropped since 2018. Iranian rial bank notes displayed at a currency exchange in Tehran in 2019.Clandestine Finance System Helped Iran Withstand Sanctions Crush, Documents Show System set up outside Iran’s borders conducted tens of billions in banned trade, according to documents, intelligence officials
Iran’s economy has been hobbled by sanctions, and the value of its currency, the rial, has dropped since 2018. Iranian rial bank notes displayed at a currency exchange in Tehran in 2019.WASHINGTON—Iran established a clandestine banking and finance system to handle tens of billions of dollars in annual trade banned under U.S.
The system, which comprises accounts in foreign commercial banks, proxy companies registered outside the country, firms that coordinate the banned trade, and a transaction clearinghouse within Iran, has helped Tehran resist the Biden administration’s pressure to rejoin
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Financial system is full of flaws
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