US imposes new sanctions targeting Iran’s oil export network

The US on Thursday announced new sanctions targeting more than 90 individuals, entities, and vessels involved in allegedly facilitating Iran’s petroleum and petrochemical exports, in what officials described as an effort to choke off Tehran’s revenue from oil sales.

The Treasury Department said it designated over 50 actors enabling billions of dollars’ worth of Iranian oil and liquefied petroleum gas (LPG) exports, including networks based in the United Arab Emirates, India, China, Hong Kong and Singapore.

The action also targeted nearly two dozen “shadow fleet” vessels, a China-based crude oil terminal and an independent refinery that the Treasury Department said were “key to Iran’s ability to export petroleum and petroleum products.”

“Treasury is degrading Iran’s cash flow by dismantling key elements of Iran’s energy export machine,” Treasury Secretary Scott Bessent said in a statement, adding that the move aims to disrupt Tehran’s funding of groups that threaten the US and its allies.

Separately, the State Department sanctioned about 40 individuals, entities, and vessels linked to Iran’s energy trade, including top buyers of Iranian petrochemicals and operators of shadow fleet vessels.

• Iran
• LPG
• USA