Treasury maintains pressure on Iranian ghost fleet

WASHINGTON Today, the United States Treasury Department imposed sanctions on four entities and three vessels involved in trading Iranian oil and petrochemicals, which generate billions of dollars in revenue for the Iranian regime. This revenue supports Iran's nuclear program, the development and proliferation of provocative ballistic missiles, and the funding of mandated terrorist groups such as Hezbollah, Hamas, and the Houthis. Ships carrying Iranian oil and petrochemicals frequently use methods of concealment and deception to mask this trade, posing a significant danger to the maritime industry.

Meanwhile, the US State Department is taking action against four entities in multiple jurisdictions involved in the movement of Iranian oil.

Iran continues to rely on its shadowy network of ships, companies and enablers to finance the development of its nuclear program, the proliferation of its weapons systems and support for its proxies, the deputy said. Acting Secretary of Terrorism and Financial Intelligence, Bradley T. Smith. . The United States is determined to target Iran's main sources of revenue that finance its destabilizing activities.

Today's action is being taken pursuant to Executive Order (EO) 13902, which provides authority to the Secretary of the Treasury, in consultation with the Secretary of State, to identify and impose sanctions on key sectors of the Iranian economy . On October 11, 2024, the Secretary of the Treasury identified the petroleum and petrochemical sectors of the Iranian economy as subject to sanctions under section 1(a)(i) of EO 13902. The Office of Foreign Assets Control (OFAC) has issued sanctions guidance for the maritime industry to help identify new or common patterns that may indicate sanctions evasion, address common counterparty due diligence issues and to implement best practices to promote compliance with sanctions.

TARGETING COMPANIES FACILITATING IRANIAN OIL SALES

Iran's oil sector relies on various maritime industry partners to support its illicit oil trade, which generates financial resources used to support its malign activities, including missile development, financing of mandated terrorist networks, and its nuclear. The shadowy fleet carrying Iranian oil is typically made up of older, poorly maintained vessels operating outside of standard maritime regulations which, combined with other deceptive shipping practices, also create a dangerous operating environment that can pose serious risks to other maritime transport activities.

Journey Investment Company, registered in the Marshall Islands, is the registered owner of the Djiboutian-flagged tanker MS ENOLA (IMO: 9251951), which has been involved in the illicit transfer of Iranian oil for several years. MS ENOLA recently received millions of barrels of Iranian oil in a ship-to-ship transfer from the National Iranian Tanker Company-sanctioned tanker DINO I (IMO: 9569671), formerly known as INFINITY. MS ENOLA continued to use deceptive practices to conceal its illicit activities, including disabling its Automated Identification System (AIS).

Rose Shipping Limited, registered in Liberia and Greece, is the manager and operator of MS ENOLA, MS ANGIA (IMO: 9246281) flying the flag of San Marino and MS MELENIA (IMO: 9302023) flying the flag of Panama. Like the MS ENOLA, the MS ANGIA has been involved in illicit shipments of Iranian oil for several years. Passada Maritime Limited, registered in the Marshall Islands, is the registered owner of the MS ANGIA.

Journey Investment Company, Rose Shipping Limited and Passada Maritime Limited are designated pursuant to EO 13902 to operate in the petroleum sector of the Iranian economy. MS ENOLA is identified as a property in which Journey Investment Company has an interest. The MS ANGIA and the MS MELENIA are identified as assets in which Rose Shipping Limited has an interest.

In early 2024, Hong Kong-based Master Joint Co., Limited was used by US-sanctioned Iranian trader Triliance Petrochemical Company to coordinate the sale of Iranian petrochemicals. Master Joint Co., Limited is designated to operate in the petroleum and petrochemical sectors of the Iranian economy. Triliance Petrochemical Company was designated pursuant to EO 13846 on January 23, 2020 for, on or after November 5, 2018, materially assisting, sponsoring, or providing financial, material, or technological support, or goods or services in support of , the Iranian National Oil Company.

STATE DEPARTMENT DESIGNATIONS

The U.S. State Department is also taking action against a number of entities in multiple jurisdictions involved in the illicit movement of Iranian oil.

Shiny Sails Shipping Ltd, based in Seychelles, Atlantic Navigation OPC Private Limited, based in India, Galaxy Management NV, based in Suriname, and Brecalin Hong Kong Co Ltd, based in Hong Kong, are all designated in accordance with EO 13846 for s be knowingly engaged in a material transaction. for the purchase, acquisition, sale, transportation or marketing of petroleum or petroleum products from Iran.

The Cameroonian-flagged vessel AVITAL (IMO: 9246279) is identified as a property in which Shiny Sails Shipping Ltd has an interest. The Panama-flagged vessel VIGOR (IMO: 9262156) is identified as a property in which Galaxy Management NV has an interest. The Barbados-flagged vessels PROGRESS V (IMO: 9316701) and SCORPIUS (IMO: 9264893), as well as the Panama-flagged vessels TASCA (IMO: 9313149) and ELIZA II (IMO: 9418078) are identified as property in which Brecalin Hong Kong Ltd has a stake.

IMPLICATIONS OF SANCTIONS

As a result of today's action, all property and interests in property of the designated persons described above that are in the United States or in the possession or control of U.S. persons are blocked and must be reported to OFAC. In addition, all entities that are owned, directly or indirectly, individually or in aggregate, 50 percent or more by one or more blocked persons, are also blocked. Unless authorized by a general or specific license issued by OFAC, or exempted, OFAC regulations generally prohibit all transactions by U.S. persons or within (or in transit) of the United States that involve property or interests in property of designated or otherwise blocked persons. U.S. persons may face civil or criminal penalties for violations of EO 13902.

In addition, individuals who engage in certain transactions with today's designated individuals and entities may themselves be subject to sanctions or enforcement action. Non-U.S. persons are also prohibited from causing or conspiring to cause U.S. persons to knowingly or unintentionally violate U.S. sanctions, as well as engaging in conduct that evades U.S. sanctions. OFAC's Economic Sanctions Enforcement Guidance provides more information about OFAC's enforcement of U.S. sanctions, including factors that OFAC generally considers in determining an appropriate response to an apparent violation .

The power and integrity of OFAC sanctions derive not only from OFAC's ability to designate and add individuals to the SDN List, but also from its willingness to remove individuals from the SDN List in accordance with the law. The ultimate goal of sanctions is not to punish, but to bring about positive change in behavior. For more information on the process of requesting removal from an OFAC list, including the SDN list, please refer to OFAC Frequently Asked Questions 897 here. For detailed information on the process of submitting a request to be removed from an OFAC sanctions list, please click here

Click here to identify information about entities sanctioned today.

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