Babak Zanjani and the Deadly Game of Sanctions: The Story of the Accused and a War That Is Not Just Economic

The narrative of “Babak Zanjani,” an economic activist who says: “The enemy is only after money” and the pressures against him, demonstrate his economic influence on the country and his concern to foreign enemies.

Babak Zanjani, a figure whose name has been tied for years to major financial cases, international sanctions, and complex power relations, once again attempted to present a different image of his position in economic and political equations by posting a text on his Instagram account; a narrative in which “money” is introduced not merely as a tool, but as the very essence of war.

He wrote in this note: “The problem is neither the Islamic Republic, nor monarchical rule, nor the lives of young people and the nation, nor missiles nor nuclear weapons. The enemy only sees money.”

Zanjani, emphasizing what he calls a “years-long economic war” against Iran, claims that whenever the financial interests of foreign powers have been threatened, pressures from sanctions to direct action have intensified. From his perspective, this war is not ideological but entirely calculated.

This economic activist describes the freezing of 660 million tethers of his assets, his holding building being targeted by missiles on the first day of the 12-day war, and the burning of a company building affiliated with him on Kish Island not as signs of weakness, but as evidence of the effectiveness of his economic conglomerate’s activities; activities that, according to him, have been concerning to the enemy and beneficial to the country.

Alongside foreign pressures, Zanjani also attacks domestic opponents, introducing them as aligned with external enemies. He writes: “As long as the rulers of the Islamic Republic do not meet the enemy’s financial interests and the enemy’s representatives remain occupied serving in the country’s management levels, these pressures will continue.”

One of the most controversial aspects of Zanjani’s statements is his response to accusations of financing the Islamic Revolutionary Guard Corps and transferring 94 billion dollars through cryptocurrency exchanges. He considers this accusation “merely a pretext for freezing 660 million tethers and extortion.”

He concludes with an aggressive tone, describing his experience of asset confiscation as “repetitive and hackneyed” and says: “We will pull it from their throats and try each and every one of them.”

Concurrently with these positions, the United States announced a fresh package of sanctions on Friday, January 30, corresponding to February 10 on the Iranian calendar. According to the U.S. State Department, these sanctions were imposed due to the role of sanctioned individuals in suppressing nationwide protests and widespread misuse of the country’s financial resources.

On this list, both names of security and law enforcement officials and a controversial economic figure whose case has long been portrayed as a symbol of structural corruption are seen.

In a U.S. State Department statement referring to Iranian people’s protests against “47 years of disastrous economic mismanagement,” it states: “While the country’s wealth is spent on weapons programs, nuclear programs, and support for proxy groups, Iranian citizens struggle with rising inflation, deteriorating infrastructure, and shortages of water and electricity.”

Washington announced that it supports the Iranian people’s protests against the corrupt and repressive regime, and in this framework, has sanctioned six officials responsible for suppression and one investor accused of embezzling billions of dollars from public resources.

Among those sanctioned are figures who each play a key role in the security, military, or economic structure of the Islamic Republic:

• “Eskandar Momeni,” Interior Minister of the Islamic Republic, a person who, as the highest executive authority in the domestic security sphere, has direct oversight of the police force and management of protest suppression. America considers him directly responsible for widespread violence, arrests, and disappearances of protesters.
• “Majid Khakzad,” Head of the Intelligence Organization of the Islamic Revolutionary Guard Corps, an institution which, according to the U.S. Treasury Department, has been the main pillar of organized suppression of protests, arbitrary arrests, and creating an atmosphere of terror.
• “Gorban Mohammadoliazde,” Commander of the IRGC in Greater Tehran, a province that, according to official reports, has witnessed the most deadly confrontations with protesters, including the killing of children.
• “Hossein Zare Kamali” and “Hamid Damghani,” IRGC commanders in Hamedan and Gilan, officials under whose command, according to Washington, hundreds of protesters were killed and families, under pressure, were forced to bury the deceased secretly.
• “Mahdi Hajian,” Commander of the Police Force in Kermanshah, a person whose role in coordinating between police, IRGC, and Basij to carry out bloody suppression, including sexual violence against protesters, has been noted.
• “Babak Morteza Zanjani,” whom the U.S. Treasury Department calls an “Iranian trader and sanctions violator,” a person who was convicted of embezzling billions of dollars from the National Iranian Oil Company, whose death sentence was reduced and is now introduced as a financial supporter of major rail projects.

Alongside him, two cryptocurrency exchanges registered in Britain named “ZedSex Exchange” and “ZedShian Exchange” have also been sanctioned for their financial connections and providing services to networks affiliated with the Islamic Revolutionary Guard Corps.

The day before announcing these sanctions, the U.S. State Department, at the direction of “Marco Rubio,” revoked the privilege of presence in the United States for senior officials of the Islamic Republic and members of their families. In the released statement, it was emphasized: “Those who profit from the Iranian government’s harsh suppression have no place in benefiting from our immigration system.”

Meanwhile, the continuing internet blackout, which has lasted more than two weeks, has been accompanied by warnings from international organizations; organizations that consider this measure an intentional attempt to conceal the extent of the massacre and prevent citizens’ free access to information.

Donald Trump has also repeatedly supported Iranian protesters in recent weeks and warned about the execution of protesters. In a conversation with “Politico” magazine, he accused Ali Khamenei, the leader of the Islamic Republic, of “complete destruction of the country” and said: “It is time to look for new leadership in Iran.” He also emphasized that a leader’s duty is to run the country, not to preserve power at the cost of thousands of lives.