US sanctions 4 entities, vessels to ratchet up pressure on Iran’s shadow fleet

The United States has imposed additional sanctions against Iran targeting four entities and three vessels that it says are part of a “shadow fleet of vessels” transporting cargoes of Iranian petroleum and petrochemicals to foreign markets.

Included in Thursday’s sanctions are Iran’s so-called “ghost fleet” of ships and associated firms that allegedly have been involved in the illicit transfer of Iranian oil. The sanctions target Liberia and Greece registered shipping companies as well as a Marshall Islands-registered company owning a Djibouti-flagged crude oil tanker.

The U.S. Department of the Treasury also took action against a number of entities in multiple jurisdictions allegedly involved in the illicit movement of Iranian petroleum.

Such sanctions target key sectors of Iran’s economy with the aim of denying the government funds to support its nuclear program and develop advanced ballistic missiles.

Vessels transporting Iranian petroleum and petrochemicals frequently use methods of obfuscation and deception to mask this trade, posing a significant danger to the maritime industry, the US Department of Treasury highlighted.

“Iran continues to rely on its shadowy network of vessels, companies, and facilitators to finance the development of its nuclear program, the proliferation of its weapons systems, and support to its proxies,” Acting Under Secretary for Terrorism and Financial Intelligence Bradley T. Smith said in a statement.

“The United States is committed to targeting Iran’s key revenue streams that fund its destabilizing activities,” Smith added.

The penalties aim to block them from using the U.S. financial system and prohibit American citizens from dealing with them.

Few months ago, the U.S. Department of the Treasury designated six entities and identified six vessels as blocked property, while OFAC designated 10 entities in multiple jurisdictions and identified 17 vessels as blocked property.

Included in these sanctions are Iran’s so-called “ghost fleet” of ships and associated firms that span the United Arab Emirates, Liberia, Hong Kong and other jurisdictions that allegedly obfuscate and transport Iranian oil for sale to buyers in Asia.