The U.S. sanctioned an Iranian oil tycoon and his shipping network in what the Trump administration described as Washington’s biggest Iran sanctions action since 2018, when the first term president initiated a maximum pressure campaign on Tehran.
Wednesday’s measures target Mohammad Hossein Shamkhani, son of a top political adviser to Iran’s Supreme leader Ali Khamenei, and more than 50 people and vessels connected to him. The Treasury Department said that Shamkhani’s network transports oil and other cargo from Iran and Russia, “generating tens of billions of dollars in profit.” He will be barred from the American financial system and from using the dollar and any assets he has in the U.S. will be frozen.
The EU earlier this month sanctioned Shamkhani and several of his companies as part of its most recent measures against Russia and its oil trade, which has allowed President Vladimir Putin to continue to fund his war effort against Ukraine. The EU described him then as “a central player in Russia’s so-called ‘shadow fleet.’”
While U.S. officials acknowledged that Wednesday’s measures would also target the Russian oil trade, they said they were focused on pressuring Iran.
Explaining the new actions, Deputy Treasury Secretary Michael Faulkender said the sanctions were aimed at driving down Iranian oil exports as part of a campaign to squeeze Tehran amid ongoing concerns about its nuclear program, ballistic missile activities and support for terror groups. They follow U.S. and Israeli strikes on Iran’s nuclear facilities which dealt a significant blow to the program. While President Donald Trump has said Iran’s program is obliterated, recent intelligence suggests some facilities were more damaged than others and Iran may be able to resume enrichment if it wanted to in the coming months.
“We are not going to allow Tehran to secure the funds it needs to advance its dangerous weapons programs and further its destabilizing agenda. We will continue to restrict Iran's ability to circumvent sanctions and launder billions from this trade,” he said.
Asked why the U.S. did not emphasize the connection to the war in Ukraine in its press release or briefing on the sanctions, a Treasury official said there has been public reporting about Shamkhani’s connections to Russia’s shadow fleet.
“Industry and a lot of the public is already aware of the risks that come from dealing with this network in the Russia space,” the official said, granted anonymity to brief reporters. “What they aren't tracking necessarily as fully is the Iran-related connection.”
Trump on Tuesday said Russia has 10 days to broker a ceasefire with Ukraine or else face new sanctions.
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