US Treasury Slaps Sanctions on Global Network Aiding Iranian Oil Trade

The US Treasury Department announced sanctions on over 50 individuals, entities, and vessels involved in facilitating Iranian oil and LPG sales. This move targets a network responsible for funneling billions into Iran, aiding its regime and support for terrorism. Indian nationals were among those sanctioned.

The US Department of the Treasury's Office of Foreign Assets Control (OFAC) has imposed sanctions on 50-plus individuals and entities, marking a significant crackdown on those facilitating the sale and shipment of Iranian oil and liquefied petroleum gas (LPG). The action includes Indian individuals linked to these international trading activities.

The Treasury underscored that this network has been instrumental in generating billions of dollars in revenue for Iran, which in turn, supports terrorist groups posing threats to the United States. The sanctions specifically disrupt a web involved in moving Iranian LPG and include nearly two dozen shadow fleet vessels, a Chinese oil terminal, and an independent refinery.

Highlighting the administration's commitment, Secretary of the Treasury Scott Bessent stated, "This action cripples Iran's energy export machine," adding that the US is determined to thwart Iran's financial channels aiding terrorism. The sanctioned Indian nationals include Varun Pula, Soniya Shrestha, and Iyappan Raja, aligning under Executive Order 13902. Their involvement ranged from owning vessels to managing shipping firms transporting Iranian oil.

(With inputs from agencies.)