| Source: US OFAC news |
| Summary: The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned a network involved in smuggling Iranian-origin liquid petroleum gas (LPG) to South and East Asia, disguised as Omani LPG to evade sanctions. The network utilized front companies in the UAE and China, foreign bank accounts, and Iran’s shadow fleet. Additionally, OFAC targeted Mehrdad Geramian Nik and Partners Company, an Iranian exchange house facilitating hundreds of millions of dollars in transactions for sanctioned Iranian banks. These actions aim to disrupt Iran’s revenue streams used for weapons development, support of terrorist proxies, and enrichment of regime insiders. The designations are part of the Treasury’s ‘Economic Fury’ initiative to apply maximum pressure on Iran by targeting its financial and petroleum sectors. The names of the sanctioned individuals and entities are listed in the original article on the OFAC website. |
| Read full article → |
Economic Fury Targets Iranian LPG Smuggling and Shadow Banking Networks
| Source: US OFAC news |
| Summary: The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned a network involved in smuggling Iranian-origin liquid petroleum gas (LPG) to South and East Asia, disguised as Omani LPG to evade sanctions. The network utilized front companies in the UAE and China, foreign bank accounts, and Iran’s shadow fleet. Additionally, OFAC targeted Mehrdad Geramian Nik and Partners Company, an Iranian exchange house facilitating hundreds of millions of dollars in transactions for sanctioned Iranian banks. These actions aim to disrupt Iran’s revenue streams used for weapons development, support of terrorist proxies, and enrichment of regime insiders. The designations are part of the Treasury’s ‘Economic Fury’ initiative to apply maximum pressure on Iran by targeting its financial and petroleum sectors. The names of the sanctioned individuals and entities are listed in the original article on the OFAC website. |
| Read full article → |
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