U.S. Treasury Tightens Grip with Sweeping Iran Sanctions

On Wednesday, the U.S. Treasury Department announced a comprehensive set of sanctions targeting over 115 individuals, entities, and vessels tied to Iran, intensifying the Trump administration's 'maximum pressure' strategy after attacks on Tehran's nuclear facilities in June.

The sanctions prominently target the shipping interests of Mohammad Hossein Shamkhani, the son of Ali Shamkhani, an adviser to Supreme Leader Ayatollah Ali Khamenei. The U.S. Treasury remarked that this move is the most substantial Iran-related sanctions effort since 2018. Shamkhani allegedly oversees a vast network of container ships and tankers through intermediaries, circulating Iranian and Russian oil globally, often resorting to corruption to profit the Iranian regime.

The sanctions encompass 15 shipping firms, 52 vessels, 12 individuals, and 53 entities involved in evading sanctions across 17 countries. The focus remains on Iran, though a U.S. official assured global oil markets would remain stable. Previously sanctioned by the EU, Shamkhani's activities bolster both Iran and Russia financially.

(With inputs from agencies.)