U.S. sanctions 19 vessels in expanded crackdown on Iranian oil exports
(WO) — The U.S. Treasury Department has sanctioned 19 vessels and a network of shipping, financial and trading entities tied to Iranian oil, LPG and petrochemical exports, marking a significant escalation in Washington’s campaign to restrict Tehran’s energy revenues amid ongoing conflict in the Middle East.
The action, announced Tuesday by the Treasury Department’s Office of Foreign Assets Control (OFAC), targets what officials described as Iran’s “shadow banking system” and “shadow fleet” used to move billions of dollars in oil and petrochemical sales outside traditional financial channels.
Treasury Secretary Scott Bessent said the sanctions are part of the administration’s broader “Economic Fury” campaign aimed at disrupting Iran’s ability to generate and transfer revenue through global energy markets.
“Iran’s shadow banking system facilitates the illicit transfer of funding for terrorist purposes,” Bessent said. “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.”
The sanctions come as global crude and LNG markets remain under pressure from continued disruption tied to the Strait of Hormuz crisis, where Iranian export activity and regional shipping flows have faced growing restrictions in recent months.
OFAC said the targeted vessels transported Iranian crude oil, LPG, methanol, petrochemicals and naphtha to foreign buyers, generating hundreds of millions of dollars in revenue for Tehran. The vessels operate under a range of international flags and ownership structures tied to entities in Hong Kong, the Marshall Islands, Panama, Liberia and other jurisdictions.
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Among the sanctioned vessels are crude tankers, LPG carriers and chemical tankers accused of transporting millions of barrels of Iranian-origin cargoes since 2025.
Treasury also sanctioned Iran-based Amin Exchange, which officials described as a major foreign currency exchange network facilitating transactions for sanctioned Iranian banks, petrochemical exporters and the National Iranian Oil Company. According to OFAC, the exchange house operated front companies in the UAE, Türkiye and Hong Kong to support cross-border financial activity tied to Iranian oil and petrochemical trade.
The administration additionally warned foreign companies and financial institutions that continued involvement in Iranian oil trade could expose them to secondary sanctions, specifically referencing Chinese independent “teapot” refineries.
The latest measures expand Washington’s broader effort to pressure Iran’s export infrastructure, financial networks and maritime logistics operations as the conflict continues to reshape global oil flows and tanker markets.
See also: NATO weighs Hormuz mission as shipping disruptions deepen
Map source: Global Energy Infrastructure
