U.S. Treasury Targets Iran’s Shadow Fleet with New Sanctions

The United States Department of the Treasury has announced new sanctions targeting four entities and three vessels involved in Iran’s petroleum and petrochemical trade, part of ongoing efforts to curtail billions in revenue supporting Iran’s nuclear program and terrorist proxy groups, including the Yemen-based Houthis.

These sanctions are part of a broader crackdown on Iran’s shadow fleet following Iran’s October 1, 2024, attack on Israel and recent nuclear escalations. This action expands upon October sanctions that designated 10 entities and 17 vessels, as well as December sanctions that designated an additional 21 vessels and 14 entities as blocked property.

“Iran’s continues to rely on its shadowy network of vessels, companies, and facilitators to finance the development of its nuclear program, the proliferation of its weapons systems, and support to its proxies,” said Acting Under Secretary Bradley T. Smith.

Key targets include Marshall Islands-registered Journey Investment Company, owner of the Djibouti-flagged MS ENOLA, which recently received millions of barrels of Iranian oil through illicit ship-to-ship transfers. The vessel has been documented using deceptive practices, including AIS manipulation, to mask its activities.

The sanctions, implemented under Executive Order 13902, block all U.S.-based property and interests of designated entities. The Treasury’s action is complemented by State Department measures against additional entities in multiple jurisdictions.

Maritime industry experts note that Iran’s dark fleet typically operates using older, poorly maintained vessels outside standard regulations, creating significant safety risks for legitimate shipping operations.

Subscribe for Daily Maritime Insights

Sign up for gCaptain’s newsletter and never miss an update

— trusted by our 109,089 members