The United States on Friday imposed fresh sanctions on Iran that targeted a number of organisations, people, and LPG tankers.
Details posted on the Treasury Department's website indicate that five of the 12 targeted entities are based in the Marshall Islands, four in the United Arab Emirates, and one in China.
Four tankers flying the Panamanian flag were among the six vessels that were targeted.
Despite ongoing talks and uncertain ceasefire agreements, the United States has aggressively increased economic pressure on Iran by enforcing several rounds of sanctions.
As per an official statement on the website of the U.S. Department of the Treasury, a network of people, organisations, and ships in charge of transporting liquefied petroleum gas (LPG) of Iranian origin valued at hundreds of millions of dollars is being designated by the Office of Foreign Assets Control (OFAC).
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"Today, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) is designating a network of individuals, entities, and vessels responsible for shipping hundreds of millions of dollars' worth of Iranian-origin liquid petroleum gas (LPG)—intentionally disguised as Omani LPG—to end users in South and East Asia. The network used front companies in the United Arab Emirates and China, foreign bank accounts, and Iran's shadow fleet to move millions of barrels of Iranian LPG while concealing its Iranian origin and evading U.S. sanctions. OFAC is taking this action to expose the complicit actors enabling an economic lifeline for Iran while exploiting commercial infrastructure to obfuscate their actions," read the statement.
According to Treasury Secretary Scott Bessent, Iran's military is destroyed, and its economy is collapsing, while the Treasury will keep cutting off Iran's access to international trade, shadow banking networks, and "shadow fleet" through Economic Fury.
“Iran's economy is floundering, and its military is decimated, and through Economic Fury, Treasury will continue to sever Iran's shadow fleet, shadow banking networks, and access to global trade,” said Secretary of the Treasury Scott Bessent.
"OFAC is also taking action today against Iranian exchange house Mehrdad Geramian Nik and Partners Company and its leadership, who have moved hundreds of millions of dollars of foreign currency on behalf of sanctioned Iranian banks. Iran's foreign exchange system relies heavily on selected brokers and rahbar companies, which use overseas shell and front companies to conceal Iranian connections, bypass sanctions, and move funds through accounts typically held outside Iran on behalf of Iranian bank customers," the statement further read.
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Radin Exchange, Arz Iran Exchange, Opal Exchange, and Amin Exchange are among the entities that OFAC has lately targeted to dismantle Iran's broker network.
OFAC is additionally sanctioning China-based Shanghai Qianye Energy Co., Ltd. (Shanghai Qianye), which is owned and operated by Mihandoust, a Turkish national also known as Haji Shakoor, who operates a network of front companies in the United Arab Emirates (UAE) responsible for exporting millions of barrels of Iranian LPG to end users across South and East Asia, often falsely identifying it as Omani LPG as a means to evade sanctions.
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