US imposes new sanctions on Iran's shadow banking network, targeting nearly three dozen entities

On Tuesday, April 28, 2026, US State Department spokesperson Tommy Pigott announced that the Trump administration has imposed sanctions on nearly three dozen entities and individuals accused of operating Iran’s shadow banking network, which enables the regime to evade existing sanctions and move tens of billions of dollars.

This matters to Nigerians because Iran is a major oil producer; tighter sanctions can reduce global oil supply, pushing up crude prices. Higher oil prices often boost Nigeria’s export revenue but also raise domestic fuel and transportation costs, affecting household budgets and business operating expenses.

Monitor Brent crude price movements; if fuel prices rise, consider adjusting travel plans or budgeting for higher transport costs. The sanctions take effect immediately, with potential market impact within days.

SOURCE: https://dailypost.ng/2026/04/29/trump-slaps-sanctions-on-irans-banking-network/