Polish company from Warsaw added to US sanctions list

Shelbit Technologies, registered in Warsaw, and its Iranian head have been added to the US sanctions list. US authorities consider the company part of an international network that helped Iran circumvent restrictions.

The network used digital assets and firms in various countries. It may have facilitated transactions worth up to $4 billion. Funds are linked to Iran's Central Bank and the Islamic Revolutionary Guard Corps.

The Polish company itself allegedly did not directly transfer money. Its role may have been to provide credibility to the network through its EU registration.

This is the second such case in ten months. Earlier, a company linked to the Cambodian cartel, Huione Crypto, was also listed. Both companies were registered at the same address in Warsaw.