New US Treasury Sanctions on Iran's Shadow Fleet
The US has adopted new sanction decisions targeting shadow fleet vessels and front companies carrying Iranian oil and petrochemical products.
The US Department of Treasury announced new sanctions targeting shadow fleet vessels and front companies carrying Iranian oil and petrochemical products as part of the Economic Exclusion Operation.
Scope and Targets of Sanctions
In the statement made by the US Department of Treasury, it was stated that the Office of Foreign Assets Control took action against shadow fleet vessels.
It was stated that these vessels are operated by a complex international network of front companies.
Vessels Added to the Sanction List
17 shadow fleet vessels carrying millions of barrels of Iranian crude oil to South and East Asian markets were added to the sanction list.
It was reported that the vessels are registered in various regions such as Panama, the Bahamas, Mongolia, Palau, Cameroon, and Hong Kong.
Companies and Regulations
A large number of companies operating in Iran's oil and petrochemical sectors were also added to the sanction list.
It was noted that OFAC removed two previously sanctioned vessels from the sanction list.
Statements by Secretary Bessent
US Treasury Secretary Scott Bessent said that they are depriving the Iranian administration of resources financing war activities in the region.
Bessent stated that no actor helping Iran evade sanctions is shielded from Treasury authorities.