Washington targets Iranian oil trade again
The US government has sanctioned several entities and individuals for facilitating sanctioned Iranian oil sales to Chinese buyers.
IMAGE: Flags of the US and Iran. Getty Images
The US Department of Treasury’s Office of Foreign Assets Control (OFAC) has designated 12 individuals and entities like front companies, for their roles in enabling transactions that “funnel the revenue [from oil sales] to the Iranian regime.”
“Instead of using this revenue to support the struggling Iranian people, the [Iranian] regime directs it toward weapons development,” OFAC argued.
The latest measure forms part of “Economic Fury” – Washington’s campaign to cut Iran’s oil exports to zero, according to the treasury department.
Last week, the US treasury department imposed sanctions on an Iraqi official who facilitated the sale of oil along with Iran-backed militias operating in Iraq, said OFAC.
OFAC has also targeted two Hong Kong-based cover companies – Hong Kong Blue Ocean (HKBOL) and Hong Kong Sanmu (HKSL) – for arranging the sale and shipment of Iranian oil to overseas buyers.
“In 2025, HKBOL and HKSL were involved in multiple shipments of IRGC oil, each worth tens of millions of dollars,” including shipments carried out by sanctioned oil tankers Gagan, Cangjie, and Hasna, OFAC said.
The US treasury department has also targeted Dubai-based Ocean Allianz Shipping and Sharjah-based Atic Enegry for facilitating Iranian oil shipments on five sanctioned shadow fleet tankers last year.
The US agency has sanctioned five more companies based in Hong Kong, Oman, and the UAE for conducting similar transactions, it said.
By assembling a shadow fleet of poorly maintained vessels to circumvent sanctions meant to restrict the movement of Iranian crude oil, Tehran has effectively generated thousands of dollars in revenue to support regional armed groups, including the Yemen-based Houthis and the Lebanon-based Hezbollah.
By Aparupa Mazumder
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