On 15 April, the US Department of the Treasury announced a further sanctions action by the Office of Foreign Assets Control (OFAC) targeting networks involved in the transportation, sale, and financial facilitation of Iranian-origin oil.
OFAC designated more than two dozen individuals, companies, and vessels identified as operating within an international oil shipping and trading network linked to Iranian regime‑connected commercial interests.
The Treasury Department stated that the action targets entities and vessels alleged to be active at multiple stages of the oil supply chain, including vessel ownership and management, shipping operations, and trading arrangements. The designations also include parties described as facilitating the movement of proceeds generated from Iranian oil sales via complex financial and corporate structures intended to obscure ownership and the Iranian origin of revenues.
The announcement places the action within the framework of National Security Presidential Memorandum‑2 (NSPM‑2), which directs US authorities to apply sustained economic pressure on Iran by limiting access to international markets and revenue streams derived from oil exports. Treasury stated that OFAC continues to prioritise sanctions enforcement against maritime shipping networks, vessels, intermediaries, and non‑Iranian counterparties assessed to be supporting Iran’s oil trade.
In announcing the measures, US Treasury Secretary Scott Bessent stated: “Treasury is moving aggressively with Economic Fury by targeting regime elites like the Shamkhani family that attempt to profit at the expense of the Iranian people.”
On 16 April 2025, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued an updated sanctions advisory to assist in identifying and mitigating the risks associated with Iranian oil, petroleum product, and petrochemical shipments that seek to evade US sanctions. The advisory updates earlier guidance from September 2019 and forms part of the US Government’s renewed ‘maximum pressure’ policy on Iran under National Security Presidential Memorandum‑2 (NSPM‑2).
OFAC reiterates that Iran relies heavily on seaborne oil exports to generate revenue for its nuclear, missile, and regional proxy activities. As a result, shipping companies, vessel owners, managers, operators, insurers, port service providers, and financial institutions face significant sanctions exposure when involved — directly or indirectly — in Iranian‑linked trade. OFAC stresses that Iran’s petroleum and petrochemical sectors remain priority enforcement targets under Executive Order 13902 and related authorities.
The advisory highlights the scale of Iran’s current exports — approximately 1.6 million barrels per day of crude oil and 0.4 million barrels per day of refined products — and identifies key export hubs, including Kharg Island for crude oil and Bandar Mahshahr and Bandar Abbas for refined products. OFAC notes that fuel oils, gasoline, and (to a lesser extent) naphtha are among Iran’s primary refined exports.
OFAC further warns that Iran continues to rely on deceptive trade practices to evade sanctions and sell oil at discounted prices, including obscuring the origin of cargoes and manipulating shipping and documentation practices. The advisory underscores the need for enhanced due diligence, continuous monitoring, and robust compliance frameworks across the maritime supply chain, and confirms that OFAC will continue to pursue enforcement actions against those found to be in violation of U.S. sanctions.
Source: Baltic Exchange
