United States on Tuesday unveiled a fresh round of sanctions against Iran, targeting more than 50 companies, individuals and vessels allegedly involved in helping Tehran bypass sanctions and sustain its oil and financial operations.The sanctions, announced by the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced that the sanctions are part of the Trump administration’s “Economic Fury” campaign aimed at intensifying pressure on Tehran amid tensions over Iran’s nuclear programme, regional influence and support for armed groups in West Asia.According to the US treasury department, the measures target Amin Exchange, a major Iranian foreign currency exchange house, along with associated front companies operating across the United Arab Emirates, Turkiye, Hong Kong and China.The US alleged that the network facilitated hundreds of millions of dollars in transactions on behalf of sanctioned Iranian banks and entities linked to Iran’s oil and petrochemical sectors.“Iran’s shadow banking system facilitates the illicit transfer of funding for terrorist purposes,” US Treasury Secretary Scott Bessent said.“As Treasury systematically dismantles Tehran’s shadow banking system and shadow fleet under Economic Fury, financial institutions must be alert to how the regime manipulates the international financial system to wreak havoc,” he added.The treasury department also imposed sanctions on 19 vessels accused of transporting Iranian-origin oil, liquefied petroleum gas (LPG), methanol and petrochemical products to foreign buyers.US authorities said the targeted shipments generated hundreds of millions of dollars for the Iranian regime and supported its military and proxy activities.Among the vessels sanctioned were the Barbados-flagged LPG tanker GREAT SAIL, the Panama-flagged tanker SWIFT FALCON, the Hong Kong-flagged LPG tanker MIGHTY NAVIGATOR, and the Panama-flagged crude oil tanker MIDAS.The US government alleged that Iran uses a “shadow fleet” of foreign-flagged vessels and complex financial networks to circumvent sanctions and continue petroleum exports.The department said the latest measures are intended to disrupt Iran’s ability to access the international financial system, move funds derived from oil sales and finance activities linked to Iran’s Islamic Revolutionary Guard Corps (IRGC).The sanctions were imposed under Executive Order 13902, which targets entities operating in Iran’s financial, petroleum and petrochemical sectors.The US treasury also warned foreign companies and financial institutions that they could face secondary sanctions if found supporting Iranian commerce, including transactions connected to China’s independent “teapot” oil refineries.The treasury department said all property and interests belonging to sanctioned individuals and entities within US jurisdiction are now blocked, and US persons are generally prohibited from engaging in transactions involving them.
