US tightens sanctions against Iran's shadow oil fleet

On December 4, 2024, the administration of US President Joe Biden tightened sanctions against Iran, imposing restrictions on 35 entities and vessels involved in the illegal transportation of Iranian oil to international markets, as reported by Reuters.

Iran is using oil revenues to develop its nuclear program, ballistic missiles and unmanned aerial vehicles, as well as to finance regional terrorist groups, which could lead to further destabilization of the region, said Bradley Smith, US Treasury Under Secretary for Terrorism and Financial Intelligence.

Of the 21 vessels sanctioned, eight were loaded with oil, and one of them was heading to a Russian port to load oil, according to shipping data on the LSEG Workspace website.

The new sanctions complement restrictions imposed on October 11 and are in response to Iran's October 1 attack on Israel, as well as the announced expansion of Iran's nuclear program.

The sanctions target key sectors of Iran's economy with the aim of depriving the Tehran government of funds for its nuclear and missile program. The restrictions typically prohibit U.S. individuals or entities from doing business with sanctioned entities and freeze those entities' U.S. assets.

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