By Jos Standerwick, CEO, Maritime London
 

On 30 July, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced the most extensive Iran-related sanctions package since 2018. The sanctions focused on the maritime value chain, including individuals, shipmanagers, traders, special purpose vehicles (SPVs) and vessels cited to be under the control of Mohammad Hossein Shamkhani (Hossein). The action was pursuant to Executive Order (E.O.) 13902 of National Security Presidential Memorandum 2 (NSPM-2). Concurrently, the Department of State is designating 20 entities and identifying 10 vessels as blocked property, pursuant to E.O. 13846 and E.O. 13902, for their involvement in the trade and transport of Iranian petroleum and petrochemical products.

Secretary of the Treasury Scott Bessent said:

“The Shamkhani family’s shipping empire highlights how the Iranian regime elites leverage their positions to accrue massive wealth and fund the regime’s dangerous behavior. … The over 115 sanctions issued today are the largest to-date since the Trump Administration implemented our campaign of maximum pressure on Iran. These actions put America first by targeting regime elites that profit while Tehran threatens the safety of the United States.”

In an unusually detailed press release issued by OFAC, the extent of the investigation and the rationale of the designations are explained. A link to the full press release is available here.

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