Federal officials announced Friday they have sanctioned an international network accused of secretly transporting Iranian liquid petroleum gas to Asian markets while falsely labeling it as originating from Oman.
The Treasury Department’s action comes as the administration continues applying economic pressure on Iran amid ongoing diplomatic talks between the nations.
According to information released by the department, the sanctions affect 12 organizations spread across several countries – five located in the Marshall Islands, four operating from the UAE, and one based in China. Additionally, six liquid petroleum gas tankers face restrictions, with four of those vessels flying Panama’s flag.
Treasury officials stated the operation utilized shell companies in both the UAE and China, along with overseas banking arrangements, to transport millions of barrels of Iranian LPG while hiding its true source to circumvent existing U.S. restrictions.
“Treasury will continue to sever Iran’s shadow fleet, shadow banking networks, and access to global trade,” Treasury Secretary Scott Bessent said in the statement.
The sanctions package also includes measures against the Iranian currency exchange firm Mehrdad Geramian Nik and Partners Co and its executives, who officials claim facilitated hundreds of millions of dollars in foreign currency transactions for Iranian banks already under sanctions.
