U.S. Treasury Secretary Scott Bessent speaks during a press conference to outline further sanctions against Iran, at the Treasury Department in Washington, D.C., U.S., August 24, 2026. REUTERS/Evelyn Hockstein
The Trump administration on Monday launched a sweeping new economic campaign against Iran, expanding the threat of secondary sanctions to the shipping sector while targeting dozens of companies, individuals and vessels involved in moving Iranian oil.
The U.S. Treasury Department dubbed the initiative “Operation Economic Outcast,” describing it as the beginning of a sustained effort to sever Iran’s financial connections to the global economy. Treasury Secretary Scott Bessent compared the campaign to an economic “D-Day,” saying the objective is to cut off the revenue sustaining Tehran.
The move follows President Donald Trump’s warning last week that countries continuing to trade with Iran could face economic isolation as Washington attempts to increase pressure on Tehran following months of conflict and disruption to shipping through the Strait of Hormuz.
The maritime sector features prominently in the new campaign.
Treasury issued five new sectoral sanctions determinations covering digital assets, technology, gold, aviation and shipping. The determinations significantly broaden the government’s authority to sanction foreign companies and individuals operating in, or providing services to, those sectors of the Iranian economy.
Treasury specifically accused Iran’s national shipping line of transporting weapons components and missile precursors and its national tanker service of moving oil on behalf of the government and military.
The Office of Foreign Assets Control also sanctioned nearly 60 entities, individuals and vessels across several jurisdictions, including companies and ships Treasury says are involved in Iranian oil exports and the country’s so-called shadow fleet. The networks stretch across the United Arab Emirates, Hong Kong, China, Singapore, Switzerland and Europe.
The measures go beyond directly sanctioned companies. Treasury said U.S. officials are engaging governments around the world and giving countries defined timelines to shut down Iran-related activities identified by Washington. Companies facilitating sanctions evasion or money laundering for Iran risk losing access to the U.S. financial system, while the administration said it intends to accelerate enforcement of secondary sanctions.
Among the maritime targets is UAE-based Syrian national Mohammad Ahmed Suhil Fattouh, also known as “Captain Hamzah,” whom Treasury described as a longtime broker of shadow-fleet vessels for sanctioned Iranian interests, including the National Iranian Oil Company and entities associated with the Islamic Revolutionary Guard Corps-Quds Force.
Treasury also sanctioned UAE-based Ukrainian national Ivan Obukhov and his company Foscom FZE. According to Treasury, Obukhov facilitated Iranian military oil shipments and processed more than $100 million in cryptocurrency payments since 2023 to support oil sales on behalf of the IRGC-QF.
Singapore-based Azure Shipping Pte. Ltd. was sanctioned over allegations it worked with the National Iranian Tanker Company to arrange ship-to-ship services for sanctioned vessels.
The measures also hit a network of bunkering companies operating from Hong Kong and Dubai. Treasury said Shipoil Limited, Shipoil FZCO and Ship Fuels and Trade DMCC coordinated with sanctioned Iranian entities to provide fuel to vessels carrying Iranian crude and petroleum products.
Treasury cited the tanker MEDNA (IMO 9281683), saying the companies arranged bunkering services for the sanctioned vessel in 2026. The tanker has previously carried crude for Iran’s Armed Forces General Staff.
OFAC also targeted five tankers accused of transporting Iranian crude oil, LPG and petroleum products:
Treasury said QUANTUM HOPE and VOYAGE ELITE have transported millions of barrels of Iranian oil to China since early 2026, while the other vessels have carried Iranian crude or petroleum products to markets including Southeast Asia. The ships were identified as blocked property, while their associated owners or operators were designated for operating in Iran’s petroleum sector.
The new measures increase the compliance risk well beyond the vessels themselves. Foreign financial institutions that knowingly facilitate significant transactions involving designated parties could face restrictions on their access to correspondent or payable-through accounts in the United States.
The campaign comes as the maritime industry is already navigating extraordinary risk surrounding Iran, including disrupted tanker movements through the Strait of Hormuz, attacks on commercial vessels and sharply higher freight and insurance costs.
Treasury made clear Monday that Washington now intends to add another layer of pressure: increasing the financial consequences for shipowners, charterers, traders, bunker suppliers, brokers and other maritime service providers that continue facilitating Iranian trade.
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