London, United Kingdom. The United Kingdom has sanctioned Iranian businessman Ali Ansari, who holds a Cypriot passport, alleging he acted as a financier for the Islamic Revolutionary Guard Corps (IRGC). His lawyer has denied the allegations in a statement to the Financial Times.
UK sanctions and asset freeze
Ali Ansari, described as an Iranian businessman with three passports including ones from Cyprus and Saint Kitts and Nevis, has been sanctioned by the UK. The UK government froze his London assets following the collapse of Ayandeh bank last month, with which his family is connected.
Financial Times report and EU sanctions status
The Financial Times reported that Ansari controlled a network of offshore companies used to acquire luxury hotels and commercial businesses across continental Europe. Despite the UK describing him as a “corrupt Iranian banker,” he is not currently on the European Union’s sanctions list.
Reported European holdings
Ansari’s reported holdings include the 164-room Steigenberger Hotel & Resort Camp de Mar in Mallorca, Spain, and a stake in the Schlosshotel Kitzbühel luxury ski resort in the Austrian Alps. In Germany, he is linked to the Hilton Frankfurt City Centre, the Hilton Frankfurt Gravenbruch, and the Bero Oberhausen shopping centre.
Allegations and response
The UK indictment characterises Ansari as a financier of the IRGC, a force linked to the deaths of thousands of protesters in Iran. The case has raised concerns about how figures close to the Iranian regime acquire Western assets despite international efforts to exclude them from the global economy. Ansari’s lawyer told the Financial Times that his client “categorically denies that he has ever had any financial relationship with the Islamic Revolutionary Guard Corps in Iran.”
What do you think this case indicates about the effectiveness of sanctions in restricting access to Western assets?