US issues sanctions on network ‘smuggling’ Iranian LPG

The US on Friday announced new sanctions on a network of individuals, entities and tankers accused of “smuggling” Iranian-origin liquefied petroleum gas (LPG) disguised as Omani LPG to South and East Asia.

“Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating a network of individuals, entities, and vessels responsible for shipping hundreds of millions of dollars’ worth of Iranian-origin liquid petroleum gas (LPG) intentionally disguised as Omani LPG to end users in South and East Asia,” a Treasury Department statement said.

“The network used front companies in the United Arab Emirates and China, foreign bank accounts, and Iran’s shadow fleet to move millions of barrels of Iranian LPG while concealing its Iranian origin and evading US sanctions,” the statement added.

The department also imposed sanctions on Iranian exchange house Mehrdad Geramian Nik and Partners Co and its leadership, alleging they had moved hundreds of millions of dollars in foreign currency on behalf of sanctioned Iranian banks.

“Iran’s economy is floundering and its military is decimated,” Treasury Secretary Scott Bessent said. “Through Economic Fury, Treasury will continue to sever Iran’s shadow fleet, shadow banking networks, and access to global trade.”