US imposes new sanctions on Iran’s shadow fleet

The Trump administration has imposed fresh sanctions on Iran targeting individuals, networks and 17 vessels for transporting its crude, oil products and petrochemicals, in the latest act of US economic warfare on Tehran, the Treasury Department says.

The sanctions are part of the department’s “Operation Economic Outcast,” which aims to cut Tehran’s funding for the war, missile construction, cyberattacks and the Islamic Revolutionary Guard Corps or IRGC.

“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,” a Treasury official tells reporters in a call. “Treasury is cutting off the regime’s last major source of illicit revenue and strengthening international pressure to hold Tehran accountable.”

The move boosts pressure on Iranian oil sales after the US reimposed its blockade of Iranian ports on July 14 following the breakdown of a memorandum of understanding between Tehran and Washington.

Iran only has about 20 million barrels of crude oil left on vessels outside of the blockade, a Treasury official says. The world uses about 100 million barrels of oil per day.