US hits Iranian shipping network with major new sanctions
The U.S. Treasury Department announced fresh sanctions on Wednesday on over 115 Iran-linked individuals, entities and vessels, in a sign the Trump administration is doubling down on its "maximum pressure" campaign after bombing Tehran's key nuclear sites in June, News.Az reports citing Reuters.
The sanctions broadly target the shipping interests of Mohammad Hossein Shamkhani, the son of Ali Shamkhani, who is himself an adviser to Supreme Leader Ayatollah Ali Khamenei. The U.S. Treasury described the move as the most significant Iran-related sanctions action since 2018, during President Donald Trump's first administration.
According to Treasury, Shamkhani controls a vast network of container ships and tankers through a complex web of intermediaries that sell Iranian and Russian oil and other goods throughout the world.
Treasury accused Shamkhani of using personal connections and corruption in Tehran to generate tens of billions of dollars in profits, much of which is used to prop up the Iranian regime.
Overall, the new sanctions target 15 shipping firms, 52 vessels, 12 individuals and 53 entities involved in sanctions evasion in 17 countries, ranging from Panama to Italy to Hong Kong.
Similar news
