According to U.S. officials, Iran is illegally selling oil and using the proceeds to fund its nuclear program, missile development, and drones, leading to the imposition of sanctions.
Following a recommendation from the U.S. Department of the Treasury, the Office of Foreign Assets Control (OFAC) issued a directive regarding sanctions on shadow Iranian companies operating in the maritime industry across various countries.
In a statement, the U.S. Treasury Department said that Iran is using the revenue from illegal oil shipments to fund its nuclear program, ballistic missile systems, and drone development.
According to the statement, acting Under Secretary for Terrorism and Financial Intelligence Bradley Smith stated that the U.S. is determined to take action against shadow fleets and vessels involved in illegal operations, and all resources will be utilized to stop such activities.
Companies and vessels that are now under U.S. sanctions include the Marshall Islands-flagged Jiya, the Guyana-flagged Finesk, the Cook Islands-flagged Bertha, Olivo, Yuri, and Men Heng, the São Tomé and Príncipe-flagged Elwa, and the Cyrus One.
Additionally, sanctions have been imposed on several other shipping companies, including the San Marino-flagged Vanity, Liberia-flagged Lady Lucy, Belize-flagged Vesna, Honduras-flagged FT Island, Iran-flagged Mussel, and Panama-flagged Black Panther, Linis, Veronika Three, Fiona Two, and Merope.
