U.S. Navy observing an Iranian vessel on the left. [Photo = Fox News]

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) imposed sanctions on dozens of Iranian vessels, including those belonging to the 'Shadow Fleet,' on the 24th (local time).

The 'Shadow Fleet' refers to a clandestine fleet that exports oil to countries like China while evading U.S. economic sanctions. The U.S. Treasury Department identifies these 'Shadow Fleet' vessels as the financial lifeline of the Iranian regime.

Fox News reported on the same day, citing a press release from U.S. Treasury officials, that the measure targets an oil tanker network transporting billions of dollars worth of oil products to overseas markets, including Hengli Petrochemical, one of Iran's largest oil buyers.

Following the seizure of the Iranian vessel Tusca on the 20th, the U.S. Navy has now seized a second oil tanker near Venezuela.

This crackdown is part of 'Economic Fury,' aimed at restricting Iran's ability to sell oil abroad and pressuring its economy. The United States stated that these revenues are used to fund the Iranian regime's military capabilities.

The Iranian cargo ship Tusca, seized by the U.S. military in the Gulf of Oman on the 20th. 'Sodium perchlorate,' a raw material for missiles, was found on board. [Reuters=Yonhap News]

U.S. Treasury Secretary Scott Bessent stated, "Economic Fury is helping to impose financial controls on the Iranian regime, thereby curbing its aggressiveness in the Middle East and suppressing its nuclear ambitions."

According to reports, Hengli Petrochemical (Dalian), one of China's largest refining companies, has been receiving oil cargoes from sanctioned 'Shadow Fleet' vessels since at least 2023. Hengli also received shipments associated with Sefer Energy Jahan Nama Pars Company, which U.S. authorities have identified as a front organization for the Iranian military.

This company transports sanctioned crude oil through intermediaries and a network of vessels on behalf of the Iranian General Staff, with proceeds used to fund Iran's military programs and regional proxy groups.

The new sanctions also target the network that enables these oil sales – the 'Shadow Fleet,' composed of aging oil tankers and shell companies that evade sanctions and conceal shipment origins. These vessels avoid detection by transferring cargoes from one oil tanker to another on the high seas. Treasury officials indicated that 19 vessels were targeted in this operation.

This action is part of the 'Maximum Pressure' campaign against Iran, reinitiated by the Trump administration, with the goal of cutting off the regime's primary revenue source through oil exports and sanctions enforcement.

The U.S. government states that oil exports are the backbone of the Iranian economy, and these efforts to restrict exports are intended to limit the government's ability to finance its military, support proxy groups, and advance its nuclear program.

Furthermore, U.S. Treasury officials warned that additional sanctions would follow as Iran continues to target networks, intermediaries, and buyers involved in the movement of oil in global markets.

Reporter Lim Yo-hee