Image for representation purposes only The United States imposed sanctions on 19 vessels and a network of shipping, financial and trading entities linked to Iranian oil and petrochemical exports. The action was announced by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) as part of the “Economic Fury” campaign. It targets Iran’s “shadow banking system” and “shadow shipping fleet”, which are used to move billions of dollars from oil and petrochemical exports outside normal financial channels. Shipping routes in and around the Strait of Hormuz are already facing disruption, a key chokepoint for global oil and LNG trade. U.S. Treasury Secretary Scott Bessent said the measures are aimed at stopping funding that supports Iran’s military activities and its regional proxy groups. He said Iran’s shadow banking system is used to move money for “terrorist purposes” and warned financial institutions to be careful about dealing with Iranian-linked networks. According to OFAC, the 19 sanctioned vessels include crude oil tankers, LPG carriers and chemical tankers. These ships are accused of transporting Iranian crude oil, LPG, methanol, petrochemicals and naphtha to foreign buyers, generating hundreds of millions of dollars in revenue for Tehran. The vessels are registered under different international flags and owned through complex structures linked to entities in Hong Kong, Panama, Liberia, the Marshall Islands and other jurisdictions. OFAC said these ships have moved millions of barrels of Iranian-origin oil and related products since 2025. The US also sanctioned Iran-based Amin Exchange, described as a major currency exchange network used to process payments for Iranian banks, petrochemical exporters and the National Iranian Oil Company. Officials said the exchange operates through front companies in the United Arab Emirates, Türkiye and Hong Kong to move money linked to Iran’s oil and petrochemical trade. The US Treasury also warned that foreign compa