The U.S. Department of the Treasury intensified its crackdown on Iran’s illicit oil trade on Monday, sanctioning over 30 individuals and vessels across multiple jurisdictions for their roles in brokering and transporting Iranian petroleum products.
Announced by the Office of Foreign Assets Control (OFAC) in coordination with the U.S. Department of State, the measures target a sprawling network accused of funneling hundreds of millions of dollars to Iran’s destabilizing activities, marking a significant escalation in President Donald Trump’s “maximum pressure” campaign.
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The sanctions hit oil brokers in the United Arab Emirates (UAE) and Hong Kong, tanker operators and managers in India and China, and key figures like Hamid Bovard, Iran’s Deputy Minister of Petroleum and CEO of the National Iranian Oil Company (NIOC). The Iranian Oil Terminals Company (IOTC), a NIOC subsidiary overseeing critical export hubs like Kharg Island and South Pars, also landed on the list. These entities, Treasury says, prop up Iran’s military and proxy groups, including the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF), with billions in oil revenue.
“Iran continues to rely on a shadowy network of vessels, shippers, and brokers to facilitate its oil sales and fund its destabilizing activities,” said Treasury Secretary Scott Bessent in a statement. “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.”
This latest action, authorized under Executive Orders 13902 and 13846, builds on a February 4 National Security Presidential Memorandum from Trump aimed at slashing Iran’s oil exports to zero. It’s the second wave of sanctions since that directive, spotlighting Iran’s use of ship-to-ship transfers and foreign front companies to dodge scrutiny. Vessels like the Panama-flagged URGANE I and the Barbados-flagged CASINOVA—caught moving massive crude hauls—are now blocked, alongside their operators in China, India, and beyond.
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NIOC, already tagged in 2020 for supporting the IRGC-QF, remains a linchpin. Bovard’s leadership has kept oil flowing to Iran’s armed forces, supplementing their budget with export proceeds. The IOTC, managed by Abbass Asadrouz, controls terminals pumping out the bulk of Iran’s crude and all its gas condensate—revenue streams Treasury links to Tehran’s regional aggression.
Outside Iran, UAE-based Petroquimico FZE and Hong Kong’s Petronix Energy Trading Limited stand accused of snapping up millions in Iranian oil, shuttling it to markets like China via tankers such as the MENG XIN and PHOENIX I. Seychelles shell firms and India’s Flux Maritime LLP also got hit for running “shadow fleet” ships like the LYDIA II and AYDEN, masking oil origins through offshore transfers.
The State Department piled on, designating eight more entities and eight vessels—from Iran’s Kangan Petro Refining to Malaysia’s IMS Ltd—for their part in this global web. All face blocked U.S. assets and a ban on American dealings, with OFAC warning of stiff penalties for violators.
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Iran’s oil exports, a lifeline for its economy and military ambitions, are squarely in Washington’s crosshairs. The sanctions aim to strangle that cash flow, pressuring Tehran over its nuclear program, missile tech, and proxy wars. But they also signal a broader U.S. resolve to punish enablers worldwide, from Dubai brokers to Beijing shippers.
The move’s timing—amid rising Middle East tensions—underscores its gravity. With Iran’s proxies like Hamas and the Houthis active, and its oil still slipping through sanctions via covert fleets, the Treasury’s latest salvo tests whether “maximum pressure” can deliver.
For now, the U.S. is doubling down, betting economic chokeholds can curb Tehran’s reach—though the shadow fleet’s resilience suggests this fight’s far from over.
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