The U.S. Department of the Treasury (USDT) announced additional sanctions Tuesday targeting Iran’s network of corporations designed to circumvent sanctions on oil revenue by masking the true nature of the transactions.
“Today’s action underscores our continued focus on intensifying pressure on every aspect of Iran’s oil trade, which the regime uses to fund its dangerous and destabilizing activities,” said Secretary of the Treasury Scott Bessent in an official statement. “The United States will continue targeting this primary source of revenue, so long as the regime continues its support for terrorism and proliferation of deadly weapons.”
Tuesday’s sanctions will target close to 24 companies that are operating in various jurisdictions. The sanctions specifically called out Iran’s main commercial affiliate of the armed forces, Sepehr Energy Jahan Nama Pars Company, who the U.S. accuses of establishing front companies as a work around for the sanctioned oil trade. The USDT described a series of financial maneuvering Iran’s shell companies engage in to “create the illusion of non-sanctionable trade between separate entities.”
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