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3. State Department Offers $15 Million Reward Targeting IRGC Financial Networks

The U.S. Department of State’s Rewards for Justice program announced a reward of up to $15 million for information that could help disrupt the financial mechanisms of the Islamic Revolutionary Guard Corps (IRGC), a U.S.-designated terrorist organization.

According to the statement, the initiative specifically targets financial channels linked to the IRGC and its external operations, including entities involved in procurement, production, and transfer of military equipment such as unmanned aerial vehicles (UAVs).

Drone Production Network

The announcement highlights the role of Kimia Part Sivan Company (KIPAS), described as the drone-production arm of the IRGC-Quds Force. The State Department alleges that KIPAS has conducted UAV flight tests for the IRGC-QF and provided technical assistance for drones transferred abroad, including to Iraq for operational use by Iranian-linked forces.

U.S. officials also state that the company has procured UAV components from foreign suppliers for onward transfer to IRGC-linked programs.

Individuals Designated Under U.S. Sanctions

The statement identifies several senior KIPAS officials as being involved in UAV development, testing, and supply operations supporting Iranian-aligned groups in Iraq, Yemen, and Syria. These include:

• Hasan Arambunezhad
• Abolfazl Ramazanzadeh Moshkani
• Mehdi Ghaffari Naghneh
• Reza Nahar Dani
• Abbas Sartaji
• Hadi Jamshidi Zavaraki

These individuals were sanctioned by the U.S. Department of the Treasury on April 18, 2024, under Executive Order 13224, which targets terrorist financing and support networks.The Treasury Department had previously sanctioned KIPAS on October 29, 2021, citing material support to the IRGC-QF.

 Proxy Financing

The State Department statement further accuses the IRGC of financing terrorist activities globally through its network of proxies, including Hamas, Hezbollah, and various Iran-backed militia groups operating in Iraq.

It also alleges that the IRGC generates revenue through the sale of military equipment, including UAVs, with proceeds from arms exports—reportedly including sales to Russia—supporting its broader military operations.

As a result of U.S. sanctions, all property and interests in property belonging to KIPAS and the designated individuals that fall under U.S. jurisdiction are frozen and must be reported to the Office of Foreign Assets Control (OFAC).

The measures also extend to any entities owned 50 percent or more by blocked persons, directly or indirectly.

U.S. authorities warned that financial institutions or individuals engaging in transactions with sanctioned entities could themselves become subject to sanctions or enforcement actions, reinforcing Washington’s broader strategy of targeting Iran’s military-industrial and financial networks.