Iran's 'shadow fleet' hit with additional sanctions from US Treasury

These actions followed multiple executive orders targeting Iranian oil sector sales, following a presidential memorandum to put maximum pressure on Iran.

By JERUSALEM POST STAFF FEBRUARY 25, 2025 22:13

The Iranian ship Khark at an undisclosed location in Iran, September 10,2020. (photo credit: Iranian Army/WANA (West Asia News Agency) via REUTERS)

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC), in conjunction with the State Department, has imposed sanctions on more than 30 people and vessels under various jurisdictions for their role and connection to Iranian petroleum-related projects, the departments announced Tuesday in a joint statement.

These sanctions have been dolled out to several players brokering the sale and transportation of these products.

Included are oil brokers in the United Arab Emirates as well as Hong Kong, tanker operators and managers in India and the  People’s Republic of China (PRC), the head of Iran’s National Iranian Oil Company, and the Iranian Oil Terminals Company, whose operations help finance Iran’s destabilizing activities, according to the US Treasury.

Vessels sanctioned are those responsible for shipping tens of millions of barrels amounting to millions of dollars.

“Iran continues to rely on a shadowy network of vessels, shippers, and brokers to facilitate its oil sales and fund its destabilizing activities,” said Secretary of the Treasury Scott Bessent. “The United States will use all our available tools to target all aspects of Iran’s oil supply chain, and anyone who deals in Iranian oil exposes themselves to significant sanctions risk.”

Maximum pressure

These actions followed multiple executive orders targeting Iranian oil sector sales, following a presidential memorandum to put maximum pressure on Iran.

Among those sanctioned are Hamid Bovard, who serves as Iran’s Deputy Minister of Petroleum and chief executive officer of the National Iranian Oil Company (NIOC). The NIOC is responsible for the exploration, production, refining, and export of oil and petroleum products in Iran. Abbass Asadrouz, who manages the Iran-based Iranian Oil Terminals Company (IOTC), was also sanctioned, along with several other managers of oil terminals where Iranian petrol passed through.

A series of oil brokers and ships flagged from countries like Barbados, Panama, and the Cook Islands have been identified as blocked property for their role in transporting Iranian oil barrels.