Iran Sanctions Update

Monday 24 February, Treasury’s Office of Foreign Assets Control (OFAC), in coordination with the StateDepartment, imposed sanctions on more than 30 individuals, entities, and vessels for their roles in facilitating the sale and transportation of Iranian petroleum-related products.

This latest round of sanctions includes oil brokers based in the United Arab Emirates (UAE) and Hong Kong, tanker operators in India and the People's Republic of China (PRC), as well as senior officials and subsidiaries of Iran's National Iranian Oil Company (NIOC).

Secretary of the Treasury Scott Bessent stated, “Iran continues to rely on a shadowy network of vessels, shippers, and brokers to facilitate its oil sales and fund its destabilizing activities. The United States will use all available tools to target Iran’s oil supply chain. Any entity dealing in Iranian oil faces substantial sanctions risk.”

These actions, authorized by Executive Orders 13902 and 13846, are part of the U.S. government’s strategy to apply maximum pressure on Iran, significantly curtailing its oil exports following National Security Presidential Memorandum 2 issued on February 4, 2025.

Key Iranian figures sanctioned include Hamid Bovard, Deputy Minister of Petroleum and CEO of NIOC, which funds Iran’s military and proxy forces such as the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF). Also sanctioned is the Iranian Oil Terminals Company (IOTC), a NIOC subsidiary managing major export terminals.

UAE-based Petroquimico FZE, Hong Kong-based Petronix Energy Trading Limited, and Liberia-based Le Monde Marine Services Limited have been sanctioned for facilitating Iranian oil transactions. Several vessels, including CASINOVA, MENG XIN, and PHOENIX I, have been blocked under the sanctions.

Additionally, the Treasury targeted entities like India-based Flux Maritime LLP and PRC-based Nycity Shipmanagement Co Ltd, along with their vessels used in covert ship-to-ship transfers of Iranian petroleum.

The State Department concurrently designated eight entities across Iran, India, Malaysia, Seychelles, and UAE for their direct involvement in Iranian petroleum transactions, blocking several associated vessels, such as YATEEKA, AMAK, VIOLET 1, and ASTERIX.

Under these sanctions, all designated properties and interests within U.S. jurisdiction are frozen, and U.S. individuals or entities are prohibited from conducting transactions involving these assets without explicit authorization from OFAC.

OFAC SDN Designations