Babak Zanjani

In January and July 2026, the US Treasury sanctioned Zanjani and a range of platforms, companies and intermediaries it attributed to his network. Washington maintains, in particular, that platforms such as Zedcex/Zedxion processed IRGC-linked flows and that other entities facilitated money laundering, sanctions circumvention and revenue generation for the regime.

State of the evidence

Documented

Attribution

Directly implicated

In February 2026, the United Kingdom sanctioned Babak Zanjani, maintaining that his network generated funds and facilitated IRGC activities, including repressive activities. Measures included an asset freeze, travel ban and disqualification from company directorships in the United Kingdom.

State of the evidence

Documented

Attribution

Directly implicated

An OCCRP investigation linked Zanjani to British companies Zedxion/Zedcex, which declared themselves dormant while promoting international business activity. The investigation showed that a director presented as "Elizabeth Newman" used a fictitious identity and images. Companies House subsequently initiated proceedings to dissolve Zedxion, citing false, misleading or deceptive incorporation information.

State of the evidence

Documented

Following commutation of his sentence and removal from death row, Zanjani re-emerged in 2025 as a prominent participant in major Iranian economic projects. American and press sources noted, in particular, his involvement in a railway investment announced at several hundred million dollars, renewing controversy over his economic rehabilitation despite his previous conviction.

State of the evidence

Documented

Attribution

Directly implicated

In 2025, Iran's central bank publicly disputed that Zanjani had fully settled his debt. It maintained that a substantial portion remained unpaid and rejected the transactional value of a cryptocurrency presented as part of the settlement. The controversy also concerned the nature and valuation of assets transferred to the authorities.

State of the evidence

Documented

Attribution

Directly implicated

In August 2025, Iran International, citing ILNA and industry information, reported that Iranian oil entities had accepted a cryptocurrency linked to Zanjani as collateral for an oil allocation, even while his historical debt to the state remained publicly disputed. The episode renewed questions about the conditions of his return to energy trading.

State of the evidence

Reported by the press

Attribution

Directly implicated

Arrested in 2013, Zanjani was sentenced to death in Iran in 2016 for "corruption on earth" in a case alleging that he had embezzled or failed to return more than two billion dollars in state oil revenues obtained while circumventing sanctions. In 2024, Iran's judiciary commuted the death sentence to twenty years' imprisonment after announcing the return of substantial assets.

State of the evidence

Established by a court

Attribution

Directly implicated

In April 2013, the US Treasury sanctioned Babak Zanjani and his Sorinet network, accusing them of helping finance oil sales for sanctioned Iranian entities, including NIOC/NICO, and moving billions of dollars through their companies and banks. The Treasury also stated that a company in the network had transferred funds to an IRGC-linked business.

State of the evidence

Documented

Attribution

Directly implicated