US imposes new sanctions on Iran's shadow fleet

A bronze seal for the Department of the Treasury is shown at the U.S. Treasury building in Washington

The United States imposed sanctions on more than 30 people and vessels for their role in selling and transporting Iranian petroleum-related products as part of Tehran's "shadow fleet," the Treasury Department said.

The sanctions target oil brokers in the United Arab Emirates (UAE) and Hong Kong, tanker operators and managers in India and China, the head of Iran's National Iranian Oil Company, and the Iranian Oil Terminals Company, Treasury said.

The sanctioned vessels ship tens of millions of barrels of crude oil valued in the hundreds of millions of dollars, the department said in a statement.

"Iran continues to rely on a shadowy network of vessels, shippers, and brokers to facilitate its oil sales and fund its destabilizing activities," said Treasury Secretary Scott Bessent.

The sanctions build on those imposed by the Biden administration.

Such sanctions target key sectors of Iran's economy with the aim of denying the government funds for its nuclear and missile programs. The move generally prohibits any U.S. individuals or entities from doing any business with the targets and freezes any U.S.-held assets.