A US investigation reveals that Iran moved an estimated $9 billion through US correspondent accounts in 2024 alone via a shadow banking network spanning more than a dozen banks in China and the UAE. Shell companies accounted for $5 billion (56%) while oil companies made up $4 billion (44%) of this activity, with Dubai-based entities alone handling $6.4 billion, representing 71% of total activity. FinCEN revoked US correspondent banking access for Banque Misr’s UAE branches, which had processed $1.8 billion on behalf of 103 companies linked to Iranian networks between January 2024 and June 2026. Sanctioned Iranian banks Bank Melli and Bank Saderat collectively maintain over a dozen branches in the UAE, with the $4 billion in oil-linked shadow transactions raising concerns about Iranian crude potentially entering legitimate supply chains.
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