The United States has imposed a fresh set of sanctions aimed at hindering Iran’s ability to sell oil internationally. This latest action, announced by the Treasury Department on September 16, involves sanctions against over a dozen Iranian individuals and companies, particularly those operating out of Hong Kong and the United Arab Emirates.
The sanctions, imposed by the Office of Foreign Assets Control (OFAC), focus on individuals and entities believed to facilitate illicit financial transactions that support Iran’s military activities. Specifically, the U.S. government alleges that these parties have been instrumental in transferring funds for the Islamic Revolutionary Guard Corps (IRGC) and the Iranian Ministry of Defence, with a portion of these funds reportedly arising from the sale of Iranian oil.
In a statement, the Treasury emphasized that Iran’s so-called “shadow banking” networks exploit the international financial system. These networks, managed by trusted financial facilitators, are accused of laundering money through overseas front companies and using cryptocurrency to bypass sanctions.
John K. Hurley, the U.S. Treasury’s undersecretary for terrorism and financial intelligence, emphasized the government’s commitment to disrupting the financial flow that supports Iran’s weapons programs and its “malign activities” in the Middle East and beyond.
Among those newly sanctioned are Iranian nationals Alireza Derakhshan and Arash Estaki Alivand. The U.S. claims they played crucial roles in facilitating the purchase of cryptocurrency valued at $100 million for the Iranian government. As a result of the sanctions, these individuals and entities will lose any rights to assets they hold in the U.S., and American companies and citizens will be prohibited from conducting business with them.
This recent move aligns with President Donald Trump’s broader strategy to reduce Iran’s oil exports “to zero.” The sanctions come in the wake of previous actions targeting a global network of companies linked to Greek shipper Antonios Margaritis. The U.S. Treasury accused Margaritis of leveraging his extensive shipping expertise to illegally facilitate the transport and sale of Iranian petroleum.
As of now, Tehran has not made any official comments regarding the latest sanctions.
