The U.S. Department of the Treasury issued sanctions on a network of individuals, companies, aircraft and other assets it says are helping Iran skirt restrictions on its petroleum exports and fund illicit activities, the department announced on Nov. 20.
The sanctions continue the “Treasury’s campaign to cut off funding for the Iranian regime’s development of nuclear weapons and support of terrorist proxies,” stated Scott Bessent, the U.S. treasury secretary.
“Disrupting the Iranian regime’s revenue is critical to helping curb its nuclear ambitions,” he said.
The Iranian military is increasingly relying on crude oil sales to prop up its budget since its 12-day war with Israel and the United States in June, according to the department.
Thursday’s actions focused on companies and entities tied to Sepehr Energy Jahan Nama Pars Company, the designated oil sales arm for the Iranian military’s Armed Forces General Staff, and its network of front companies and shipping facilitators.
The sanctions from the department’s Office of Foreign Assets Control targeted six vessels in Iran’s so-called shadow fleet, which transports illicit oil to global markets.
Action was also taken against the previously sanctioned Iranian airline Mahan Air and a subsidiary, which the Treasury Department said formerly played a key role in helping to arm Bashar Assad, the now-deposed longtime president of Syria.
Companies based in the United Arab Emirates, India, Gambia and Panama were also sanctioned for their involvement with Sepehr Energy Jahan.
