US sanctions eight tankers, 10 companies over Iranian oil trade

The U.S. Treasury Department has imposed sanctions on eight oil tankers and 10 companies accused of helping Iran transport and sell crude oil in violation of U.S. sanctions.

In a statement on July 29, the Treasury's Office of Foreign Assets Control (OFAC) said the measures target firms and vessels allegedly involved in Iran's petroleum sector under Executive Order 13902, Caliber.Az reports. 

The sanctioned entities include shipping companies registered in Hong Kong and the Marshall Islands, as well as two Iran-based firms — Hormuzsafe Marine Services Authority and Persian Gulf Marine Insurance Company — which the Treasury accused of operating in the financial and insurance sector in support of Iran.

Eight tankers were also designated, including the Al Salmi, Breeze V, Crystal, Lily, Natsumi, Nireta, Well Sail and Yehope. The vessels are linked to the sanctioned companies and are flagged in Barbados, Vanuatu, the Marshall Islands and Mozambique.

According to the Treasury, the two Iranian firms are part of what it described as an Islamic Revolutionary Guard Corps (IRGC)-backed scheme that compels commercial vessels transiting the Strait of Hormuz to purchase maritime insurance.

“With its economy in freefall and inflation in the triple digits, the regime is desperate for cash,” Treasury Secretary Scott Bessent said. “The United States will not allow Iran to hold global commerce hostage or use international shipping to finance the IRGC’s terrorism, aggression, and repression.”

The Treasury also said the latest measures are intended to reinforce U.S. efforts to disrupt Iranian energy shipments, adding that OFAC has sanctioned more than 100 vessels linked to Iran's "shadow fleet" since the beginning of the year.

By Sabina Mammadli