US hits Iran with ‘massive’ new sanctions

The US has imposed sweeping new sanctions on Iran’s international shipping network, accusing it of illegally funneling tens of billions of dollars in oil revenue to Tehran.

The sanctions, announced on Wednesday, target more than 100 individuals, companies, and vessels that the US Treasury described as part of a “vast shipping empire” run by trader Mohammad Hossein Shamkhani, the son of Ali Shamkhani, a senior adviser to Supreme Leader Ayatollah Ali Khamenei.

The Treasury accused Shamkhani of using his father’s influence to build a fleet of tankers and container ships moving billions of dollars’ worth of oil and petroleum products from Iran and Russia to buyers worldwide, including China, allegedly illegally and through layers of “front” companies. It accused the network of “evading sanctions, laundering money, and obfuscating paper trails.” The sanctioned include 12 individuals – among them a French, a UK, and an Italian national – as well as 52 vessels and 15 shipping companies, including one based in Switzerland.

“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,” Treasury Secretary Scott Bessent said. “These actions put America first by targeting regime elites that profit while Tehran threatens the safety of the US.”

The sanctions, dubbed the most “massive” Iran-related package since 2018, are part of President Donald Trump’s renewed “maximum pressure” strategy to end Iran’s uranium enrichment program. They also follow recent US-Israeli strikes on Iran’s nuclear facilities at Fordow, Natanz, and Isfahan.

Tehran denounced the sanctions as unlawful. Foreign Ministry spokesman Esmaeil Baghaei on Thursday called them a clear sign of “the hostility of American policymakers towards the Iranian people,” claiming their real aim was to cripple Iran’s development.

Iran’s uranium enrichment activities have long been seen by the West as a secret attempt to develop atomic weapons.

Iran has repeatedly denied this, insisting its nuclear activities are solely for peaceful purposes. It also warned it would not bow to Washington’s demands under pressure, denouncing the sanctions as acts of threat and intimidation.