Overview
- The Treasury's Office of Foreign Assets Control designated the smuggling network on Friday, naming 12 entities and six LPG tankers accused of shipping Iranian-origin fuel to buyers in South and East Asia.
- U.S. officials say the operation used front companies in the United Arab Emirates and China, foreign bank accounts, and vessels from Iran's so-called shadow fleet to disguise millions of barrels of LPG as Omani product.
- OFAC also sanctioned Iranian exchange house Mehrdad Geramian Nik and Partners Co and its leadership, alleging the firm moved hundreds of millions of dollars in foreign currency for sanctioned Iranian banks.
- The actions were taken under Executive Order 13902 and were presented as part of a wider campaign to cut Tehran's revenue streams, with the State Department warning of possible secondary sanctions on foreign facilitators.
- Treasury officials say the measures build on earlier steps that froze regime-linked crypto and targeted brokers and vessels, and they could further squeeze Iran's ability to repatriate oil revenue while raising legal risk for outside companies and banks that handle related trade.