In a major escalation of economic pressure, the United States has imposed a sweeping new wave of sanctions targeting Iran’s shipping and oil trade networks. Announced on Wednesday, the sanctions blacklist over 100 individuals, companies, and vessels linked to Iran’s oil exports and efforts to evade sanctions. The US Treasury Department described the move as the most extensive Iran-related sanctions action since 2018, when then-President Donald Trump withdrew from the Iran nuclear deal.
The sanctions come amid renewed tensions after US airstrikes targeted Iranian nuclear facilities in June. A senior US official stated the sanctions are aimed at dismantling a global network that enables Iran to sell oil and fund its leadership, allegedly generating tens of billions of dollars.
Central to this network, according to the US, is Mohammad Hossein Shamkhani, son of senior Iranian adviser Ali Shamkhani. The younger Shamkhani allegedly controls a fleet of tankers and cargo ships via a complex web of front companies and intermediaries, facilitating sales of both Iranian and Russian oil.
The Treasury’s list includes 15 shipping firms, 52 vessels, 12 individuals, and 53 entities spanning 17 countries, including Italy, Panama, and Hong Kong. US officials claim these sanctions will significantly curb Iran’s ability to export oil, which has already declined to 1.2 million barrels per day — down from 1.8 million earlier this year.
Iran’s Foreign Ministry denounced the sanctions as a hostile act meant to damage its economy. The EU has also sanctioned Shamkhani for his alleged role in aiding Russia’s oil trade. Despite US assertions of openness to diplomacy, talks remain frozen after the airstrikes, with little hope of revival soon. China, Iran’s largest oil buyer, has yet to respond to the new US measures.
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