The designations target over 115 individuals, companies, and vessels tied to a vast Iranian oil shipping empire controlled by Mohammad Hossein Shamkhani. In what officials described as the most sweeping Iran-related sanctions action since 2018, the US Department of the Treasury on Wednesday announced more than 115 designations targeting individuals, companies, and vessels linked to a sprawling Iranian shipping network accused of generating billions in profits for Tehran.
The move, carried out by the Office of Foreign Assets Control (OFAC), centers on a network run by Mohammad Hossein Shamkhani, the son of top Iranian regime advisor Ali Shamkhani. According to the Treasury, Hossein leveraged his father’s influence to build a vast fleet of oil tankers and cargo ships transporting crude from Iran and Russia to global buyers, funneling proceeds back to the regime.
The Shamkhani family’s shipping empire highlights how the Iranian regime elites leverage their positions to accrue massive wealth and fund the regime’s dangerous behavior," said US Treasury Secretary Scott Bessent. "These actions put America first by targeting regime elites that profit while Tehran threatens the safety of the United States."
Wednesday's sanctions were issued under Executive Order 13902, part of the Trump Administration's framework for exerting maximum economic pressure on Iran. OFAC also coordinated with the Treasury’s Financial Crimes Enforcement Network (FinCEN) and the Department of State, which concurrently blocked 20 entities and 10 vessels. (Read More)
