U.S. Continues Maximum Pressure with Sanctions Targeting Iran’s Shadow Oil Economy

The United States is taking coordinated action to sever the Iranian regime’s access to the revenue streams that fuel its regional aggression and global terrorism. The Department of State is sanctioning numerous entities, individuals, and vessels that form the backbone of Iran’s illicit oil economy, directly targeting the financial lifelines of the Islamic Revolutionary Guard Corps (IRGC) and Iran’s military apparatus. As part of this action, State is designating eight entities and identifying eight vessels as blocked property for their transportation of Iranian petroleum, or petrochemical products, and also designating three entities and an individual in connection with trade in Iranian-origin petrochemical products. 

Concurrently, the Department of the Treasury is sanctioning key players in an oil sales network that has moved tens of millions of barrels of Iranian oil worth billions of dollars. These Hong Kong-based entities have facilitated the storage, transport, and sale of this oil, directly funding the IRGC, Iran’s Armed Forces General Staff, and its military apparatus. This network represents a critical node in Iran’s ability to generate revenue for destabilizing activities across the Middle East.

The United States will not hesitate to take action against anyone, anywhere, funding the Iranian government’s ability to attack its neighbors and its own people.  Any entity cooperating with Iran’s illicit oil trade or trading Iranian energy products faces the risk of exposure to U.S. sanctions. 

Additionally, the Rewards for Justice (RFJ) program is offering a reward of up to $15 million for information leading to the disruption of the financial mechanisms of Iran’s IRGC and its various branches.  More information is available on the RFJ website.

Today’s actions are being taken pursuant to Executive Order (E.O.) 13224, as amended, and Executive Order (E.O.) 13846. All Department of Treasury targets are being designated pursuant to E.O. 13224, as amended, which targets terrorist groups and their supporters.  All Department of State targets are being sanctioned pursuant to Executive Order (E.O.) 13846, which authorizes and reimposes certain sanctions with respect to Iran. These actions continue the robust sanctions campaign targeting Iranian oil sales in support of Economic Fury and the President’s National Security Presidential Memorandum 2 (NSPM-2), instituting a campaign of maximum economic pressure on Iran.  For more information on today’s action, please see the Department of the Treasury’s press release Press Release and the Department of State’s Fact Sheet.