The U.S. Department of the Treasury has intensified its economic pressure on Iran, sanctioning over 30 entities, individuals, and vessels to disrupt the country’s shadow fleet and weapons procurement networks. The Office of Foreign Assets Control (OFAC) has specifically targeted 12 vessels linked to the transport of millions in Iranian petroleum and petrochemical products, highlighting tankers flagged in Panama and Barbados, as well as those from Iran, which have delivered fuel to countries such as Bangladesh and Pakistan.
Secretary of the Treasury Scott Bessent emphasized that Iran is exploiting global financial systems to fund illicit operations, including arms procurement and terrorist activities, negatively impacting the Iranian populace. The designated vessels, including the OCEAN KOI, have been involved in significant oil transport since as early as 2020, allowing Tehran to evade international sanctions and finance military advancements instead of addressing domestic economic challenges.
In addition, nine individuals and entities across Iran, Turkey, and the UAE were sanctioned for supplying materials to Iran’s military. This includes financial intermediaries facilitating over $1 million for sensitive machinery needed for Iran’s military operations. These actions are part of a broader strategy aimed at curbing weapons proliferation and enforcing economic sanctions effectively, with severe penalties for violations.
As maritime enforcement efforts increase globally, these sanctions serve as a clear warning that the U.S. remains focused on combating illicit oil transport and ensuring compliance with international laws. This latest round of sanctions illustrates a robust commitment to dismantling Iran’s networks that support both its military ambitions and regional destabilization efforts.
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