US sanctions target Iran oil, petrochemical export network

The United States has imposed a new, wide-ranging set of sanctions targeting Iran’s ability to export oil and petrochemicals, directly aiming to sever critical revenue streams that officials say fund the nation’s military and regional activities. The coordinated actions, announced by the State and Treasury Departments, designate numerous entities, individuals, and vessels involved in what authorities describe as Iran’s illicit oil economy.

State Department officials stated the measures specifically sanction eight entities and identify eight vessels as blocked property for their role in transporting Iranian petroleum or petrochemical products. Three additional entities and one individual were also designated for their alleged involvement in trading these commodities. Officials said the actions build upon Treasury Department sanctions announced a day earlier against a Hong Kong-based oil sales network accused of moving tens of millions of barrels of Iranian oil worth billions of dollars.

According to U.S. authorities, the targeted networks form the backbone of a shadow fleet that uses deceptive shipping practices, including disabling tracking transponders and conducting...