The United States government on Wednesday sanctioned an Iranian shadow fleet and oil-for-gold network accused of funding terrorism.
The State Department explained that the action was taken to limit Iran’s ability to generate revenue amid the continued blockade of the Strait of Hormuz.
The sanctions target elements of the United States-designated Mohammad Hossein Shamkhani’s “multi-billion-dollar oil smuggling empire”.
Also affected is an oil-for-gold network that finances Hezbollah and the Islamic Revolutionary Guard Corp-Qods Force (IRGC-QF), both designated by the U.S.
Washington accuses the Iranian leadership of continuing to enrich “corrupt elites like the Shamkhani family” while ordinary Iranians suffer under a deteriorating economy.
The government insists Tehran funnels state wealth to terrorist groups in the Middle East, saying its designations underscore commitment to maximum pressure on Iran and its proxies.
The U.S. said the complex schemes involving illicit Iranian oil, gold, and terrorist financing demonstrate the lengths to which Iran and its partners will go to evade sanctions.
The Trump Administration has sanctioned more than 1,000 persons, vessels, and aircraft as part of its campaign against Iranian malign activity.
The State Department vowed to continue to deny Iran and its proxies “the resources they use to threaten U.S. interests and regional stability.”
