The US announced new sanctions targeting Iran's oil sector on April 15, 2026
The US Treasury Department’s Office of Foreign Assets Control (OFAC) imposed sanctions on more than two dozen individuals, companies, and vessels involved in Iran’s illicit oil transportation network. This action focuses on the multi-billion-dollar smuggling empire run by Mohammad Hossein Shamkhani (an Iranian oil shipping magnate and son of the late senior Iranian official Ali Shamkhani). It also hits a separate network financing Hezbollah and the IRGC-Qods Force (IRGC-QF) through an oil-for-gold scheme with Venezuela. Key targets (summary from Treasury) Individuals: Mohammad Hossein Shamkhani; Seyed Naiemaei Badroddin Moosavi (Hezbollah financier linked to IRGC-QF); UAE- and India-based operators like Chetan Prakash Balhotra and Tanjore Sunilkumar Srinivas. Companies: Front and logistics firms including Oriel Group, Corplinx Consultancy, House of Shipping Investment FZCO (and its Indian subsidiary), Meritron DMCC, Taylor Shipping FZCO, and others in the UAE, India, Marshall Isla...