Treasury Sanctions Iranian Oil Minister, Shadow Fleet Operators (Press Release)

Date issued: Mar. 13 2025

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TURBOFAC Commentary (106 words)

Notes:

1) On 3-13-25, OFAC and the State Department designated a number of third-country entities and vessels involved in the Iranian oil trade (Treasury Sanctions Iranian Oil Minister, Shadow Fleet Operators (Press Release) and Sanctioning Service Providers That Facilitate Iran’s Crude Oil Trade (Fact Sheet)).

The OFAC press release is notable of specifying that it was sanctioning persons for having "delivered Iranian oil to the PRC, or lifted Iranian oil from storage in Dalian, PRC." This appears to be the first designation for having “lifted Iranian oil from storage” in a third country, and a notable application of an "operating in" designation criterion.