US Sanctions Network Caught Disguising Iranian LPG

(MENAFN) The United States on Friday imposed new sanctions on a web of individuals, companies, and vessels accused of routing hundreds of millions of dollars' worth of Iranian liquefied petroleum gas to buyers across South and East Asia — deliberately misrepresenting its origin as Omani to circumvent existing restrictions.

"Today, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) is designating a network of individuals, entities, and vessels responsible for shipping hundreds of millions of dollars' worth of Iranian-origin liquid petroleum gas (LPG) intentionally disguised as Omani LPG to end users in South and East Asia," a Treasury Department statement said.

"The network used front companies in the United Arab Emirates and China, foreign bank accounts, and Iran's shadow fleet to move millions of barrels of Iranian LPG while concealing its Iranian origin and evading US sanctions," the statement added.

Friday's action also targeted Iranian exchange house Mehrdad Geramian Nik and Partners Co and its leadership, whom the department accused of facilitating the transfer of hundreds of millions of dollars in foreign currency on behalf of sanctioned Iranian banks.

Treasury Secretary Scott Bessent issued a stark assessment of Tehran's economic standing alongside the announcement. "Iran's economy is floundering and its military is decimated," Bessent said. "Through Economic Fury, Treasury will continue to sever Iran's shadow fleet, shadow banking networks, and access to global trade."

The designations represent the latest move in Washington's intensifying pressure campaign against Iranian oil and gas export networks as nuclear negotiations continue.

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