Washington unveils sanctions on Iranian petroleum shadow network
PUBLISHED Jun 5, 2026, 4:33 PM ET
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The U.S. Treasury’s Office of Foreign Assets Control has launched a new sanctions enforcement action, dubbed “Economic Fury,” against a network accused of exporting Iranian-origin liquid petroleum gas to buyers across South and East Asia. Announced in Washington this evening by Treasury Secretary Scott Bessent, the action targets individuals, companies and vessels that allegedly misrepresented Iranian LPG as Omani and relied on front firms in the United Arab Emirates and China, foreign bank accounts, and Iran’s so‑called shadow fleet. The measures also designate Iranian exchange house Mehrdad Geramian Nik and Partners Company, which allegedly moved large volumes of foreign currency for sanctioned Iranian banks.
By Lauren Mitchell | JQJO News
Timeline of Events
- Recent years Network ships Iranian-origin LPG covertly
- Recent years LPG allegedly mislabeled as Omani
- Recent years Front firms created in UAE, China
- Recent years Iranian shadow fleet transports sanctioned cargo
- Recent years Exchange house moves foreign currency
- Today Treasury announces Operation Economic Fury sanctions
- Today Assets of designated entities frozen
- Going forward United States seeks disrupting Iranian revenue
News Intelligence
- These sanctions could impact global petroleum prices. If you're a homeowner who uses heating oil, or a driver who fills up at the pump, you might see a change. Keep an eye on your energy bills and gas prices.
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