The US Treasury sanctioned over 200 entities tied to Iran's oil exports, targeting the Shamkhani network. Implications for crude supply and global shipping.
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The US Treasury on Tuesday imposed new sanctions on a network linked to Iran's oil exports, stepping up pressure on the country's shipping and trading operations. The measures target Mohammad Hossein Shamkhani and his network, which Treasury described as a major force behind Iran's oil sales. The department said the network has expanded into containerized shipping and commodities trading.
Treasury Secretary Scott Bessent said the department is "shutting down the financial infrastructure that allows the regime to continue its threats to US national security and global shipping."
The sanctions build on actions from April and last year. Treasury has now designated more than 200 individuals and entities tied to the Shamkhani network. Vessels operating under the network are also covered.
The sanctions freeze US assets of those designated and prohibit Americans from transacting with them. Treasury allowed wind-down activities and limited safety transactions. Cargo offloading involving certain blocked persons or vessels is also permitted.
Iran's mission to the United Nations did not immediately respond to a request for comment.
The Treasury has been steadily tightening sanctions on Iran's oil trade since last year. Tuesday's designation targets the financial infrastructure of the Shamkhani network, which Treasury said has expanded into global containerized shipping and commodities trading.
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