US Imposes New Sanctions on Companies Moving Iranian Oil and Petrochemicals

WASHINGTON, May 29: The United States has imposed a new round of sanctions targeting companies, vessels, and individuals accused of facilitating Iran’s oil and petrochemical exports, in a move aimed at cutting off revenue streams that Washington says fund Tehran’s military activities, regional operations, and support for armed groups.

The US Department of State announced sanctions on multiple entities involved in the transportation and marketing of Iranian petroleum and petrochemical products, while identifying eight vessels as blocked property. The action also includes sanctions on three entities and one individual linked to the trade in Iranian-origin petrochemical products.

In a statement, the State Department said Iran continues to prioritize “destabilizing behavior” over the welfare of its citizens, adding that revenues from crude oil and petrochemical exports remain a primary source of funding for the country’s military and security apparatus.

Simultaneously, the US Treasury Department sanctioned an oil sales network accused of facilitating the movement of tens of millions of barrels of Iranian oil, which Washington said directly benefited the Islamic Revolutionary Guard Corps (IRGC), Iran’s Armed Forces General Staff, and other military institutions.

Among those designated are Hong Kong-based shipping firms Ever Shining Limited, HK Yuanhang Shipping Limited, and Agility Shipping Limited, as well as UAE-based operators Seafoam Marine Ltd, Symphony Shipping and Maritime Management Inc, and Vanguard Marine Ventures Inc. Authorities also sanctioned Marshall Islands-based companies Crystal Blue Sky Inc and Trastok Shipping Co. Ltd.

The State Department said the companies managed or owned vessels that allegedly transported Iranian crude oil or petrochemical cargoes, conducted ship-to-ship transfers, or engaged in deceptive maritime practices designed to conceal the origin of cargoes.

Eight vessels linked to the sanctioned firms were also designated as blocked property, including the tankers Maymei, Flora, Yongan Ocean, Ill Gap, Hauncayo, Gas Nora, Rcelebra, and Thea.

According to US officials, many of the vessels operated under various national flags and transported Iranian-origin petroleum and petrochemical products to buyers in third countries, often using tactics such as disabling tracking systems and conducting offshore transfers to evade sanctions.

The latest measures are part of Washington’s ongoing campaign to restrict Iran’s energy exports and disrupt networks involved in moving oil and petrochemical products to international markets.