The Department of the Treasury has announced it is sanctioning 29 shadow fleet vessels engaged in the covert delivery of hundreds of millions of dollars' worth of Iranian oil and petroleum products.
The goal is to stem the flow of the Iranian regime's revenue used to support terrorism and other illicit activities.
Entities sanctioned include a network of companies and vessels operated by a prominent Egyptian businessman, and several companies active in countries including the United Arab Emirates, India, the Marshall Islands, and Panama.
"This action further constrains Iran's ability to export petroleum and petroleum products through obscure and fraudulent mechanisms," the Treasury Department said in a statement.
President Donald Trump signed an executive order in February targeting Iran's petroleum and petrochemical centers, with the goal of restricting the country's oil revenue.
"As President Trump has said repeatedly, the United States will not allow Iran to have a nuclear weapon," said John K. Hurley, Treasury's undersecretary for terrorism and financial intelligence.
"Treasury will continue to deprive the regime of the petroleum revenue it uses to fund its military and weapons programs," he continued.
The Trump administration has sanctioned more than 180 vessels responsible for shipping Iranian petroleum and petroleum products, driving up costs for Iranian oil exporters and reducing the revenue Iran receives for each barrel of oil sold, the Treasury Department said.
Sam Barron ✉
Sam Barron has almost two decades of experience covering a wide range of topics including politics, crime and business.
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