Particle.news
Download on the App Store
4 ARTICLES
·
last mo.

U.S. Sanctions More Than 50 People, Firms and Ships in Shamkhani Oil Network

The designation seeks to cut revenue to Iran’s security services, raising secondary‑sanctions risk for banks and traders.

Image
Image

Overview

  • The U.S. Treasury and State Department on July 14 designated more than 50 individuals, entities and vessels tied to Mohammad Hossein Shamkhani as part of a large sanctions package.
  • Officials said the move targets a sophisticated network that uses front companies, vessel reflagging and false documents to move Iranian and some Russian crude to foreign buyers, chiefly in China.
  • The Justice Department has pursued parallel civil forfeiture work, filing complaints on March 6 that seek $15.3 million linked to Shamkhani’s sanctions‑evasion schemes.
  • Investigators reported no ties between the Shamkhani network and cryptocurrency as of early July, saying the operation ran on traditional banks, trade finance and offshore firms in places such as the UAE and the Marshall Islands.
  • U.S. officials and analysts warn the actions will raise compliance costs and legal risk for banks, shippers and buyers that touch the network and that lost revenue could further fund Iran’s IRGC‑Qods Force and allied groups.