US Targets Iran's Shadow Fleet with Fresh Sanctions Wave
The US government has taken another step in its campaign to cut Iran's oil exports to zero by sanctioning more vessels allegedly part of Tehran's shadow fleet.
The Treasury Department's Office of Foreign Assets Control (OFAC) has designated two Iranian insurance firms, Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority, for forcing commercial vessels to purchase mandatory maritime insurance to transit the Strait of Hormuz. These policies are designed to extract revenue under the guise of maritime services.
Additionally, OFAC has sanctioned six more vessels and their owners for facilitating transactions on behalf of the Islamic Revolutionary Guard Corps (IRGC). Among them is the Marshall Islands-flagged chemical tanker WELL SAIL, owned and operated by China-based Qi Hang Ship Management. It transported hundreds of thousands of barrels of Iranian petroleum products to the UAE this year.
The latest measure forms part of Washington's efforts to disrupt Iran's covert logistics network that enables the regime to keep oil revenues flowing despite international sanctions. By assembling a shadow fleet of poorly maintained vessels, Tehran has generated revenue supporting regional armed groups such as the Houthis and Hezbollah.