Washington DC, May 19 (ANI) — The United States on Tuesday announced a broad package of new sanctions aimed at Iran’s financial and petroleum networks, designating more than 50 companies, individuals and vessels accused of helping Tehran evade existing sanctions and generating billions in revenue.
The measures were announced by the Treasury Department’s Office of Foreign Assets Control (OFAC) and form part of a US campaign called “Economic Fury” intended to increase pressure on Iran amid the wider geopolitical tensions in West Asia.
Treasury officials said the designations include a major Iranian foreign-currency exchange house, Amin Exchange, along with associated front companies operating in the United Arab Emirates, Turkiye, Hong Kong and China. According to the Treasury, the network handled hundreds of millions of dollars in transactions for sanctioned Iranian banks and entities tied to the country’s oil and petrochemical sectors.
“Iran’s shadow banking system facilitates the illicit transfer of funding for terrorist purposes,” US Treasury Secretary Scott Bessent said in a statement. “As Treasury systematically dismantles Tehran’s shadow banking system and shadow fleet under Economic Fury, financial institutions must be alert to how the regime manipulates the international financial system to wreak havoc.”
In addition to financial targets, the Treasury announced sanctions on 19 vessels accused of carrying Iranian-origin crude oil, liquefied petroleum gas (LPG), methanol and other petrochemical products to overseas buyers. US authorities said these shipments generated hundreds of millions of dollars for Tehran and helped finance military and proxy activities.
Named among the sanctioned ships were the Barbados-flagged LPG tanker GREAT SAIL, the Panama-flagged tanker SWIFT FALCON, the Hong Kong-flagged LPG tanker MIGHTY NAVIGATOR, and the Panama-flagged crude oil tanker MIDAS. The Treasury described these vessels as part of a “shadow fleet” of foreign-flagged ships and said they operate alongside complex financial networks to circumvent sanctions and keep Iranian petroleum exports flowing.
The latest steps were taken under Executive Order 13902, which targets entities involved in Iran’s financial, petroleum and petrochemical sectors. The Treasury warned that foreign companies and financial institutions found supporting Iranian commerce could face secondary sanctions, explicitly citing transactions linked to China’s independent “teapot” oil refineries as a potential exposure.
Under the designations, all property and interests in property of the listed individuals and entities that fall within US jurisdiction are blocked, and US persons are generally prohibited from engaging in transactions with them.
The administration said the actions are intended to disrupt Iran’s ability to access the international financial system, move funds derived from oil sales, and finance activities connected to the Islamic Revolutionary Guard Corps (IRGC).
The sanctions come as Washington continues a maximum-pressure approach toward Tehran amid ongoing disputes over Iran’s nuclear program, regional influence and backing for armed groups across West Asia.
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