The U.S. Treasury Department's Office of Foreign Assets Control Wednesday sanctioned six Hong Kong companies for allegedly being part of a covert Iranian drone procurement network.

Treasury Department alleges six companies obtained components for Iranian drones and missiles in violation of US bans The US Treasury Department announced sanctions on Wednesday against six Hong Kong and mainland China companies it accused of operating as fronts to obtain components for Iranian drones and ballistic missiles in violation of US bans.

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The United States imposed sanctions on six entities based in Hong Kong and China on Wednesday that it accused of being involved in an Iranian drone procurement network, as the Trump administration implements its "maximum pressure" campaign against Tehran.