The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has imposed sanctions on more than 50 individuals, entities, and vessels involved in the export of Iranian oil and liquefied petroleum gas (LPG). These measures are aimed at disrupting networks that have enabled the export of billions of dollars in petroleum products, which provide significant revenue to Iran and support for groups considered threats to the United States.
According to the Treasury Department, this latest action targets entities responsible for moving hundreds of millions of dollars’ worth of Iranian LPG, as well as nearly two dozen vessels known as part of Iran’s “shadow fleet.” It also includes a China-based crude oil terminal and an independent refinery, both described as key elements in Iran’s export infrastructure.
“The Treasury Department is degrading Iran’s cash flow by dismantling key elements of Iran’s energy export machine,” said Secretary of the Treasury Scott Bessent. “Under President Trump, this administration is disrupting the regime’s ability to fund terrorist groups that threaten the United States.”
This marks the fourth round of sanctions targeting China-based refineries purchasing Iranian oil. The new measures build on previous actions from July and August that focused on individuals and entities enabling Iran’s oil exports. The current designations are primarily based on Executive Order 13902, which addresses Iran’s petroleum and petrochemical sectors, as well as Executive Order 13846.
The OFAC identified several companies across the United Arab Emirates (UAE), Hong Kong, China, India, Liberia, Marshall Islands, Singapore, Panama, Gambia, Comoros Islands, Cameroon, Sao Tome and Principe, Mongolia, and Bangladesh for their roles in facilitating sales or transportation of Iranian LPG or crude oil. For example:
- UAE-based Markan White Trading Crude Oil Abroad Co. L.L.C., Slogal Energy DMCC, Amita Petrochemical Trading L.L.C., Aerilyn Shipping Inc., S E A Ship Management LLC;
- Hong Kong-based Ravenala Trading Co., Limited;
- China-based Shandong Jincheng Petrochemical Group Co., Ltd. (an independent refinery), Rizhao Shihua Crude Oil Terminal Co., Ltd.;
- India-based Vega Star Ship Management Private Limited;
- Several shipping companies registered in Marshall Islands were also sanctioned for owning or operating vessels involved in these transactions.
Since at least 2023, these networks have facilitated multi-million-dollar payments for Iranian LPG shipments using shell companies in Hong Kong. Specific vessels such as MAX STAR (Palau-flagged), GAS DIOR (Panama-flagged), GAS LEADER (Gambia-flagged), ADA (Comoros-flagged), SEA OPERA (Cameroon-flagged), TULIP (Cameroon-flagged), among others were cited for transporting large quantities of Iranian petroleum products to countries including Sri Lanka, Bangladesh, China, Yemen, Pakistan and UAE.
Some Chinese firms—like Shandong Jincheng Petrochemical Group Co., Ltd.—were noted for purchasing millions of barrels of Iranian crude since 2023 via sanctioned tankers like LUNA PRIME and CARINA. Rizhao Shihua Crude Oil Terminal was reported to have received millions more through other sanctioned vessels.
Iranian exporters reportedly use tactics such as transferring cargo between ships in international waters near Singapore and Malaysia to disguise cargo origins. Shipping agents like Qingdao Hexin United International Shipping Agency Co., Ltd. in China have assisted with offloading operations for sanctioned entities at Chinese ports.
As a result of these designations under U.S. law:
- All property or interests belonging to these individuals or entities within U.S. jurisdiction are blocked.
- Entities owned 50 percent or more by one or more blocked persons are also considered blocked.
- U.S. persons are generally prohibited from conducting transactions involving any blocked property unless specifically authorized.
Violations can result in civil or criminal penalties for both U.S. and foreign parties involved.
OFAC emphasized that while it maintains its authority to designate persons under sanctions lists such as the SDN List (“Specially Designated Nationals”), it also considers removal requests if parties demonstrate a change in behavior consistent with legal requirements. Guidance regarding petitioning for removal from an OFAC list is available through official channels.
For additional details about today’s designated persons and identified blocked property: Click here for more information on the persons designated and any property identified as blocked property today.
