US Targets Iranian Oil Smuggling Networks with New Sanctions

(MENAFN) The United States has introduced a new round of sanctions aimed at disrupting Iranian oil smuggling and financial networks, according to a statement from the Treasury Department on Wednesday.

Officials said the measures target more than two dozen individuals, companies, and vessels allegedly linked to a system involved in moving Iranian oil and facilitating related financial flows. The sanctions also include an alleged financier accused of exchanging Iranian crude for Venezuelan gold, with proceeds benefiting Hezbollah and Iran’s Islamic Revolutionary Guard Corps (IRGC), according to US authorities.

In a separate statement, the State Department said the action is intended to “decisively limit Iran’s ability to generate revenue,” at a time when maritime activity through the Strait of Hormuz remains heavily disrupted.

Treasury Secretary Scott Bessent said the US is intensifying enforcement efforts under what he described as “Economic Fury,” focusing on individuals and networks connected to Iran’s leadership.

“Treasury is moving aggressively with Economic Fury by targeting regime elites like the Shamkhani family that attempt to profit at the expense of the Iranian people,” he said.

He also warned financial institutions against engaging with sanctioned networks.

“Financial institutions should be on notice that Treasury will leverage all tools and authorities, including secondary sanctions, against those that continue to support Tehran’s terrorist activities,” he added.

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