Over 50 individuals, companies, and vessels targeted for aiding Iran’s illicit energy exports and funding terrorist proxies
The U.S. Department of the Treasury has announced a sweeping new round of sanctions against Iran’s petroleum and petrochemical network, striking at the core of the regime’s global energy export operations. The move targets more than 50 individuals, entities, and vessels accused of helping Tehran evade sanctions and funnel billions of dollars in oil revenue to finance its military and terrorist activities.
“The Treasury Department is degrading Iran’s cash flow by dismantling key elements of Iran’s energy export machine,” said Treasury Secretary Scott Bessent, emphasizing the Trump Administration’s ongoing campaign to deny Tehran the resources it uses to destabilize the Middle East.
Targeting Iran’s “shadow fleet” and Asian intermediaries
According to the Treasury’s Office of Foreign Assets Control (OFAC), the sanctioned entities form part of an intricate web spanning the United Arab Emirates, China, Hong Kong, Singapore, and the Marshall Islands, used to conceal the origin and destination of Iranian oil and liquefied petroleum gas (LPG).
The network allegedly enabled billions of dollars in illicit exports, sustaining the regime’s key revenue source despite existing international sanctions. Among the targeted companies are Markan White Trading Crude Oil Abroad Co. L.L.C and Slogal Energy DMCC in the UAE, accused of facilitating Iranian LPG shipments to Sri Lanka and Bangladesh, as well as Hong Kong-based firms Ravenala Trading and Crimson Blue Trading, which helped process tens of millions of dollars in payments for Iran’s Persian Gulf Petrochemical Industry Commercial Co. (PGPICC).
Several vessels operating under flags of convenience—including those registered in Panama, Comoros, and Gambia—were also sanctioned for transporting Iranian petroleum products.
Chinese refineries and oil terminals under scrutiny
For the fourth time, the Trump Administration has imposed sanctions on China-based refineries and terminals involved in purchasing Iranian crude oil. Notably, Shandong Jincheng Petrochemical Group Co., Ltd., a private “teapot” refinery in Shandong Province, and Rizhao Shihua Crude Oil Terminal Co., Ltd., were blacklisted for handling millions of barrels of Iranian oil delivered by shadow fleet vessels.
Shandong Jincheng has reportedly been a key buyer of Iranian oil through the Naftiran Intertrade Company, a subsidiary of Iran’s National Iranian Oil Company (NIOC) — both already under U.S. sanctions.
Expanding action against Iran’s maritime smuggling network
The sanctions also strike at Iran’s so-called shadow fleet, a group of covert tankers and logistics firms accused of moving Iranian petroleum under false identities and through ship-to-ship transfers across the Persian Gulf, Southeast Asia, and Chinese waters.
Among those sanctioned are:
- Qingdao Hexin United International Shipping Agency Co., Ltd. (China) for assisting the offloading of millions of barrels of Iranian oil;
- Neowave Management Co., Ltd. (Marshall Islands) and Blue Ocean Marine Company Limited (Hong Kong) for transporting crude to China;
- Sinoper Shipping Co. (UAE), owner of the Panama-flagged VITA I, which carried six million barrels of Iranian oil in 2025.
- Additionally, several Indian nationals were designated for their role in managing or owning ships that carried Iranian LPG, including Varun Pula, Soniya Shrestha, and Iyappan Raja.
Reinforcing the “maximum pressure” campaign
The Treasury’s action, taken under Executive Orders 13902, 13846, and 13224, builds on earlier rounds of sanctions in July and August, which targeted Chinese and Middle Eastern enablers of Iran’s oil exports.
Officials described the new measures as part of President Trump’s National Security Presidential Memorandum 2 (NSPM-2), which enforces a policy of “maximum economic pressure” on Tehran to cripple its capacity to fund the Islamic Revolutionary Guard Corps (IRGC) and its regional proxies.
Comprehensive financial restrictions
All property and assets of the designated persons or companies within the United States or under U.S. jurisdiction are now blocked, and American entities are prohibited from engaging in transactions with them. The restrictions extend to any firm owned 50% or more by sanctioned entities.
Violations may lead to civil or criminal penalties, and OFAC warned that foreign companies engaging with the sanctioned network risk secondary sanctions.
A tightening financial noose
This latest action underscores Washington’s determination to dismantle Iran’s complex oil smuggling apparatus. By targeting layers of shell companies, shipping firms, and intermediaries, the Treasury aims to choke off one of Tehran’s last major sources of hard currency amid mounting economic strain.
