Treasury Dismantles Key Elements of Iran’s Energy Export Machine

WASHINGTON—Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is intensifying its efforts against Iran’s petroleum and petrochemical exports by sanctioning over 50 individuals, entities, and vessels that facilitate Iranian oil and liquefied petroleum gas (LPG) sales and shipments from Iran. These actors have collectively enabled the export of billions of dollars’ worth of petroleum and petroleum products, providing critical revenue to the Iranian regime and its support for terrorist groups that threaten the United States.This action targets a network moving hundreds of millions of dollars’ worth of Iranian LPG, along with nearly two dozen shadow fleet vessels, a China-based crude oil terminal, and an independent “teapot” refinery, which are key to Iran’s ability to export petroleum and petroleum products to generate significant revenue.