403
Sorry!!
Error! We're sorry, but the page you were looking for doesn't exist.
US Treasury Imposes Sanctions on Iran’s Shadow Fleet, Weapons Networks
(MENAFN) The US Treasury Department announced a new set of sanctions on Wednesday aimed at Iran’s “shadow fleet” and networks involved in weapons procurement.
The Office of Foreign Assets Control (OFAC) said it had designated more than 30 individuals, entities, and vessels “enabling illicit Iranian petroleum sales and Iran’s ballistic missile and advanced conventional weapons (ACW) production.”
The sanctions focus on additional ships within Iran’s so-called shadow fleet, a network of tankers and intermediaries used to transport crude oil and petroleum products to foreign markets. The Treasury Department said revenues from these sales fund domestic repression, support armed proxy groups, and advance weapons development.
The measures also target procurement networks linked to Iran’s Islamic Revolutionary Guard Corps (IRGC) and the Ministry of Defense and Armed Forces Logistics (MODAFL), which the department says facilitate the acquisition of precursor chemicals, sensitive machinery, and other materials needed to rebuild ballistic missile production and expand advanced conventional weapons programs.
“Iran exploits financial systems to sell illicit oil, launder the proceeds, procure components for its nuclear and conventional weapons programs, and support its terrorist proxies,” Treasury Secretary Scott Bessent said.
Bessent added that the department will continue to exert “maximum pressure” on Iran to curb the regime’s weapons capabilities and its backing of terrorism.
The Office of Foreign Assets Control (OFAC) said it had designated more than 30 individuals, entities, and vessels “enabling illicit Iranian petroleum sales and Iran’s ballistic missile and advanced conventional weapons (ACW) production.”
The sanctions focus on additional ships within Iran’s so-called shadow fleet, a network of tankers and intermediaries used to transport crude oil and petroleum products to foreign markets. The Treasury Department said revenues from these sales fund domestic repression, support armed proxy groups, and advance weapons development.
The measures also target procurement networks linked to Iran’s Islamic Revolutionary Guard Corps (IRGC) and the Ministry of Defense and Armed Forces Logistics (MODAFL), which the department says facilitate the acquisition of precursor chemicals, sensitive machinery, and other materials needed to rebuild ballistic missile production and expand advanced conventional weapons programs.
“Iran exploits financial systems to sell illicit oil, launder the proceeds, procure components for its nuclear and conventional weapons programs, and support its terrorist proxies,” Treasury Secretary Scott Bessent said.
Bessent added that the department will continue to exert “maximum pressure” on Iran to curb the regime’s weapons capabilities and its backing of terrorism.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Most popular stories
Market Research
More Story
Comments
No comment