Treasury Tightens Sanctions on Iran’s Oil Network Supporting its Military

WASHINGTON—Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is sanctioning a network of front companies and shipping facilitators that bankroll the Iranian armed forces by selling crude oil. Following its defeat in the 12-Day War with Israel, Iran’s military has increasingly come to rely on the sale of Iranian crude oil to supplement its annual budget and finance the rebuilding of its depleted forces. “Today’s action continues Treasury’s campaign to cut off funding for the Iranian regime’s development of nuclear weapons and support of terrorist proxies,” said Secretary of the Treasury Scott Bessent. “Disrupting the Iranian regime’s revenue is critical to helping curb its nuclear ambitions.”OFAC today is also targeting six vessels, expanding sanctions on the shadow fleet of tankers Iran relies on to transport its oil exports to market.