US sanctions 17 vessels in crackdown on Iran's shadow oil fleet

The United States announced a new round of sanctions against Iran on Thursday, targeting 17 vessels, individuals and networks involved in transporting Iranian crude oil, petroleum products and petrochemicals as Washington intensifies its campaign to deprive Tehran of revenue. The measures are part of the Treasury Department's “Operation Economic Outcast," an initiative designed to restrict the Iranian government's ability to finance its war against the United States, missile development, cyberattacks and the Islamic Revolutionary Guard Corps (IRGC). A senior Treasury official described the sanctions as a major step toward dismantling Iran's remaining network of vessels used to circumvent international restrictions on its oil exports. "Today's action represents the most significant blow ​yet to Iran's remaining illicit maritime infrastructure by neutralizing the vast majority of the shadow ​fleet," the official told reporters during a conference call, as quoted by Reuters . "Treasury is cutting off the regime's last major source of illicit revenue and strengthening international pressure to hold Tehran accountable." The latest restrictions follow the reinstatement of the American naval blockade of Iranian ports on July 14, after a memorandum of understanding between Washington and Tehran aimed at ending the war collapsed. According to a Treasury official, Iran now has approximately 20 million barrels of crude oil aboard vessels positioned beyond the blockade, near Singapore, Malaysia and China. For comparison, global oil consumption stands at approximately 100 million barrels per day. Another Treasury official said the combination of American sanctions and the naval blockade has brought Iranian crude oil loading and unloading operations to a halt. Among the 17 vessels designated in the latest sanctions are the Paritosh, registered in Comoros; the Bitu, sailing under the Panamanian flag; and the Bahamas-flagged Gas Lucky. US Treasury Secretary Scott Bessent emphasized that Washington would continue pursuing individuals and organizations involved in facilitating Iranian oil exports. “Treasury is starving the tyrannical regime in Tehran of the money it uses to wage war in the region, and we will continue exposing those who enable the regime’s oil sales," Bessent wrote on social media. “No enabler of Iranian sanctions evasion is safe from the full force of Treasury’s authorities," he added. Bessent formally unveiled “Operation Economic Outcast" in August as a broad effort to isolate Iran economically and increase pressure on its leadership. The campaign operates alongside the US Navy blockade reinstated by President Donald Trump in July and focuses on restricting Tehran's access to international oil markets and financial resources. The Treasury Secretary has repeatedly stated that the administration intends to intensify economic restrictions until Iran agrees to a peace settlement with Trump. He has also warned that Washington will pursue assets connected to the IRGC as part of its effort to undermine the Iranian government's financial capabilities. In September, Bessent outlined the administration's approach in particularly forceful terms. “We are going to economically asphyxiate this regime," he said, adding, “My job is to make sure that they want to have a deal, and they will want to have one."