Economic Fury Targets Iranian LPG Smuggling and Shadow Banking Networks

WASHINGTON—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. 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 U.S. sanctions. OFAC is taking this action to expose the complicit actors enabling an economic lifeline for Iran while exploiting commercial infrastructure to obfuscate their actions.“Iran’s economy is floundering and its military is decimated,” said Secretary of the Treasury Scott Bessent.