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Iranian Oil · Sanctions · Shadow Fleet
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has imposed new sanctions on multiple networks involved in smuggling Iranian oil, with proceeds benefiting Iran's Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF).
The sanctions target an operation run by Iraqi-British businessman Salim Ahmed Said, which has been disguising Iranian oil as Iraqi oil since at least 2020 using ship-to-ship transfers and blending techniques. This action is part of President Trump's campaign of maximum pressure on Iran and represents the eighth round of sanctions targeting its oil trade.
The OFAC also targeted Iran's "shadow fleet" of vessels used for covert oil deliveries, including specific flagged ships like VIZURI, FOTIS, THEMIS, and BIANCA JOYSEL. The sanctions freeze U.S.-based assets and prohibit transactions involving designated entities, with potential civil or criminal penalties for violations.
The Department of State is also designating entities and vessels for engaging in significant transactions involving Iranian petroleum.
Treasury Targets Iran's Shadow Fleet, Imposing Sanctions and Elevating Oil Market Risk.(current)