Iran utilizes layered financial channels and domestic security certificates to bypass US sanctions

Iranian financial institutions are employing various strategies to bypass intensifying United States sanctions. Documents from late 2022 to mid-2023 reveal that Parsian Exchange, also known as Sarrafi Parsian, has been used to facilitate international payments through complex, layered transactions. By utilizing multiple banks, companies, and individuals acting as trustees, the exchange has obscured money trails. These transactions often involve foreign currency proceeds from oil and petrochemical exports held in overseas accounts, which are then transferred to accounts in the United Arab Emirates, China, and Hong Kong to pay Iranian importers.

Simultaneously, the Iranian banking sector is addressing digital security vulnerabilities caused by sanctions. Following the revocation or cessation of SSL/TLS certificates by foreign providers, the Central Bank of Iran and 15 domestic banks—including Mellat, Melli, and Saderat—have successfully obtained domestic security certificates. This move aims to maintain secure, encrypted connections for Iranian websites and services that would otherwise trigger browser security warnings.