The United States Treasury Department has imposed new sanctions on Iran’s oil minister, Mohsen Paknejad, and several Hong Kong-flagged vessels, targeting a shadow fleet that helps conceal Iranian oil shipments.
In a statement released on Thursday, the Treasury Department said Paknejad oversees the export of tens of billions of dollars’ worth of Iranian oil, with a significant portion allocated to Iran’s armed forces for export. The sanctions aim to disrupt Iran’s ability to evade international restrictions and continue profiting from its oil trade.
The US also sanctioned owners and operators of vessels that have either delivered Iranian oil to China or lifted it from storage facilities there. These entities are based in multiple jurisdictions, including India and China, highlighting the widespread network supporting Iran’s oil trade.
Iran’s military has long relied on a shadow fleet of ships to disguise the origins of its oil shipments, allowing it to bypass sanctions and maintain trade relations with China. Among the vessels designated by the US Treasury Department are the Hong Kong-flagged Peace Hill, the Iran-flagged Polaris 1, the Seychelles-registered Fallon Shipping Company Ltd, and the Liberia-registered Itaugua Services Inc. Additionally, the US Department of State has designated three entities and three vessels as blocked property, further tightening restrictions on Iran’s oil trade.
These latest measures reflect Washington’s ongoing efforts to curb Iran’s ability to finance its military and evade sanctions through complex shipping operations.
Melissa Enoch
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