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Trojen Horses
Iran's Western Acquisitions
“Iran’s Expanding Influence: What State-Backed Networks Mean for Western Security and Sovereignty”
Unlike Qatar or the UAE, Iran does not flaunt its wealth through flashy skyscrapers or sports franchises in the West but that doesn’t make it any less dangerous. Through opaque networks like the Execution of Imam Khomeini’s Order (EIKO/Setad) and powerful bonyads, Iran controls vast assets in finance, oil, telecoms, and real estate. Its National Development Fund still commands tens of billions, even as sanctions limit open foreign acquisitions. For conservatives, the warning is stark: while Iran may not own Harrods or Heathrow, it wields its capital in ways designed to evade scrutiny, fund proxies, and undermine Western security. These are not ordinary investments they are instruments of influence by a regime openly hostile to the West. The short-term temptation to overlook or downplay Iran’s economic maneuvers risks granting an authoritarian theocracy more leverage to destabilize markets, energy, and politics. It’s not just business it’s a strategic threat dressed up as economics.
It is extremely difficult, if not impossible, to provide a list of specific Western companies that Iran indirectly owns through proxy companies. This is by design, as the entire purpose of a proxy network is to be opaque and untraceable. U.S. and international sanctions are specifically crafted to disrupt these networks and prevent such ownership.
The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) is the primary source for this information, and its public releases focus on identifying and sanctioning the proxy companies and individuals themselves, not the Western companies they might deal with.
Here is a breakdown of what the U.S. Treasury reports and other sources reveal about Iran's "shadow" network:
The Nature of Iran's Proxy Network
Focus on Transactions, Not Ownership: Iran's regime-affiliated entities are not typically trying to acquire ownership of major Western companies. Their primary goal is to use a "shadow banking" system to facilitate illicit financial transactions and procure goods. This is different from the sovereign wealth fund strategies of countries like the UAE, which are geared toward long-term asset growth.
Shell and Front Companies: U.S. government reports identify numerous shell companies, particularly in jurisdictions with low financial oversight like the United Arab Emirates, Hong Kong, and Türkiye. These companies are often given generic names and are quickly dissolved and replaced to avoid detection.
Targeted Activities: These networks are used to:
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Sell Sanctioned Oil: They move billions of dollars from the sale of Iranian oil and petrochemicals to buyers, often in Asia.
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Procure Military Technology: They acquire sensitive technology, components, and equipment for Iran's military, including its ballistic missile and drone programs.
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Fund Terrorist Proxies: The funds are funneled to groups like the Houthis in Yemen, Hezbollah in Lebanon, and various militias in Iraq and Syria.
Examples of Sanctioned Proxies
The U.S. Treasury Department's press releases explicitly name the front companies and individuals that have been sanctioned for acting as proxies for Iran. While these are not Western companies, they are the entities that you are asking about.
Zarringhalam Brothers Network: The U.S. Treasury sanctioned a network of individuals, including Mansour, Nasser, and Fazlolah Zarringhalam, and their front companies in the UAE and Hong Kong. The press release details how this network laundered billions of dollars for the Iranian regime.
Shadow Fleet: The U.S. has targeted Iran's "shadow fleet" of tankers and the companies that operate them. These ships often use false flags and turn off their tracking systems to transport sanctioned oil. The Treasury has sanctioned dozens of companies and vessels involved in this operation.
IRGC-QF-affiliated Networks: The Treasury has repeatedly sanctioned entities with ties to the Islamic Revolutionary Guard Corps-Quds Force (IRGC-QF), the branch of the IRGC responsible for foreign operations. These networks operate in countries like Turkey and the UAE to facilitate transactions and procurement.
Petrochemical Sanctions Evasion Network: OFAC targeted a network of companies in Iran, China, and the UAE for facilitating the sale and shipment of Iranian petrochemicals. This network, including entities like Zhuochuang Energy Technology Co. and Pisco Trading, helped the regime generate revenue that was then funneled to military entities.
Source: Treasury Targets Sanctions Evasion Network Moving Billions for Iranian Regime
The Mostazafan Foundation: The U.S. has sanctioned this massive Iranian parastatal foundation, along with dozens of its subsidiaries in various sectors, including banking, mining, and construction. While its primary holdings are domestic, these sanctions are designed to prevent the foundation from engaging with the international financial system.
Source: U.S. Treasury Sanctions Foundation Tied to Supreme Leader
In summary, due to the nature of Iran's sanctions evasion strategy, there are no publicly available lists of major, legitimate Western companies that are "indirectly owned" by Iran. Instead, the focus of government enforcement and reporting is on identifying and dismantling the covert networks of shell companies that facilitate illicit activities.