U.S. Imposes Fresh Sanctions On Iran’s Shadow Fleet & Oil Network

The United States has imposed fresh sanctions on over 30 individuals, companies, and vessels involved in the sale and transportation of Iranian oil.

These sanctions, announced by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and the U.S. Department of State, aim to disrupt Iran’s petroleum trade, which funds its military and regional activities.

It targets key figures within Iran’s oil sector, including Hamid Bovard, Iran’s Deputy Minister of Petroleum and the CEO of the National Iranian Oil Company (NIOC).

NIOC oversees oil exploration, production, refining, and exports. The U.S. previously sanctioned the company under Executive Order (E.O.) 13224 for providing financial support to the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF).

Also sanctioned is the Iranian Oil Terminals Company (IOTC), a subsidiary of NIOC that controls major oil export terminals such as Kharg Island Oil Terminal and South Pars Condensate Terminal.

The company is managed by Abbass Asadrouz, while Sayyed Ali Miri, Gholamhossein Gerami, and Ali Moalemi oversee key operations at these terminals.

The U.S. has designated them under E.O. 13902 for their roles in Iran’s petroleum industry. Iran depends on international brokers to facilitate oil sales, particularly in the United Arab Emirates (UAE) and China (PRC).

Among the entities now under U.S. sanctions is UAE-based Petroquimico FZE, which purchased Iranian petroleum worth tens of millions of dollars.

In November 2024, it used the Barbados-flagged tanker CASINOVA (also known as YING GE, IMO:9280366), owned by Liberia-based Le Monde Marine Services Limited, to transport 200,000 barrels of Iranian crude to the UAE.

Similarly, Hong Kong-based Petronix Energy Trading Limited has been sanctioned for buying Iranian oil from Naftiran Intertrade Company, NIOC’s marketing arm.

The company used the Panama-flagged MENG XIN (IMO:9271406) and the Cook Islands-flagged PHOENIX I (IMO: 9236248) to transport oil to China. These vessels are now blocked under the U.S. sanctions.

Both Petroquimico FZE, Petronix Energy Trading Limited, and Le Monde Marine Services Limited have been designated under E.O. 13902 for operating in Iran’s petroleum sector.

Iran relies on ship-to-ship transfers in international waters to hide the origin of its oil. In September 2024, the Panama-flagged URGANE I (IMO: 9231901), operated by China-based Nycity Shipmanagement Co Ltd, received Iranian crude through a transfer from a National Iranian Tanker Company (NITC) vessel.

URGANE I has since transported multiple shipments to China.

Similarly, India-based Flux Maritime LLP was involved in managing a vessel that moved large quantities of Iranian heavy crude oil using ship-to-ship transfers. Both Flux Maritime LLP and Nycity Shipmanagement Co Ltd have now been sanctioned under E.O. 13902.

Additionally, the Panama-flagged tankers AYDEN (IMO: 9365764), FIONA (IMO: 9365752) and LYDIA II (IMO: 9365776) were identified for delivering Iranian crude to Chinese refineries.

Their ownership is linked to Seychelles-based shell companies Artemis Heart Ltd, Green Garden Trading Ltd, and Sunny Land Trading Ltd all of which have been sanctioned under E.O. 13902.

The U.S. State Department has separately designated eight entities across Malaysia, India, Iran, Seychelles, and the United Arab Emirates (UAE) for their involvement in the sale and transport of Iranian petroleum.

These include: Kangan Petro Refining Company, Iran; BSM Marine LLP, Austinship Management Private Limited, and Cosmos Lines Inc., India; Alkonost Maritime DMCC and Octane Energy Group FZCO, UAE; IMS Ltd, Malaysia; Oceanend Shipping Ltd, Seychelles.

Eighth vessels linked to these companies have been identified as blocked property under E.O. 13846:

• Gabon-flagged YATEEKA (IMO: 9191553)-Linked to BSM Marine LLP
• Cook Islands-flagged MENG XIN (IMO: 9271406) and PHOENIX I (IMO: 9236248)-Linked to Alkonost Maritime DMCC
• Eswatini-flagged AMAK (IMO: 9244635)- Linked to Austinship Management Private Limited
• Panama-flagged VIOLET I (IMO: 9154000), PETERPAUL (IMO:9163269), and CHAMTANG (IMO: 9212400)-Linked to IMS Ltd.
• Gambia-flagged ASTERIX (IMO: 9181194)-Linked to Oceanend Shipping Ltd.

U.S. officials have warned that companies and individuals facilitating Iran’s oil sales risk severe penalties. “Iran continues to rely on a shadowy network of vessels, shippers, and brokers to facilitate its oil sales and fund its destabilizing activities,” said Secretary of the Treasury Scott Bessent.

“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 risks,” he added.

Reference: U.S. Department of Treasury

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