What happened
The U.S. Department of Treasury has imposed new sanctions on the remaining ships in Iran's shadow fleet as part of Operation Economic Outcast. The operation aims to pressure Iran's economy and prevent the transportation of oil and petroleum products. The Treasury Department has identified 17 ships responsible for transporting Iranian crude oil to markets in South and East Asia, including China.
These vessels, registered in over a dozen jurisdictions, are evading U.S. sanctions. The department will continue to monitor and disrupt attempts at sanctions evasion. This move is part of the Trump administration's effort to stop billions of dollars' worth of oil and petroleum products from moving through Iran's network of off-the-books tankers.
Treasury Secretary Scott Bessent stated that the Iranian regime is running out of options to stabilize its economy due to the U.S. military blockade. He warned that countries and companies doing business with Tehran risk provoking U.S. sanctions. The department has already taken action against multiple banks and entities that have suffered consequences for enabling Iranian sanctions evasion.
