U.S. Sanctions Target Iranian Shadow Fleet to Stem Tehran’s Illicit Oil Revenue

The U.S. Treasury Department has announced sanctions targeting 29 shadow fleet vessels engaged in the covert delivery of hundreds of millions of dollars’ worth of Iranian oil and petroleum products.

The goal is to stem the flow of revenue the Iranian regime uses to fund terrorism and other illicit activities.

Entities sanctioned include a network of companies and vessels operated by a prominent Egyptian businessman, as well as several companies active in countries including the United Arab Emirates, India, the Marshall Islands, and Panama.

“This action further constrains Iran’s ability to export petroleum and petroleum products through obscure and fraudulent mechanisms,” the Treasury Department stated in its announcement.

President Donald Trump signed an executive order in February targeting Iran’s petroleum and petrochemical centers with the goal of restricting the country’s oil revenue.

“Treasury will continue to deprive the regime of the petroleum revenue it uses to fund its military and weapons programs,” said John K. Hurley, the Treasury’s undersecretary for terrorism and financial intelligence.

“The Trump administration has sanctioned more than 180 vessels responsible for shipping Iranian petroleum and petroleum products, driving up costs for Iranian oil exporters and reducing the revenue Iran receives for each barrel of oil sold,” the Treasury Department added.