Treasury Targets Covert Iranian UAV Procurement Network

WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is targeting six entities based in Hong Kong and the People’s Republic of China (PRC), engaged in the procurement of unmanned aerial vehicle (UAV) components on behalf of OFAC-designated Iranian firm Pishtazan Kavosh Gostar Boshra (PKGB) and its subsidiary Narin Sepehr Mobin Isatis (NSMI). These entities operate as front companies and facilitate the purchase and shipment of key components for the benefit of PKGB and NSMI, which serve as key suppliers for Iran’s UAV and ballistic missile programs. OFAC previously designated a network of Hong Kong-based companies procuring sensitive Western-origin materials and technology for Iran’s UAV and missile programs on behalf of PKGB in February 2024.