The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced on Wednesday sanctions against 10 entities and 8 oil tankers involved in the illegal transport of Iranian oil, including 6 entities from mainland China and Hong Kong.
According to the US Treasury, the sanctioned entities from mainland China and Hong Kong are Qihang Ship Management Company Limited, Fanchi Limited, Billion Nexus Int’l Co., Limited, Nevada Spirit Company Limited, Marinova Freight Limited, and Vast Mighty Limited (registered in Hong Kong and the Marshall Islands).
The list also includes two entities based solely in the Marshall Islands, as well as two Iranian domestic entities.
This OFAC action aims to strengthen US military interdiction operations and, by sanctioning oil tankers assisting Iranian exports of crude and related petrochemical products, increase pressure on Iran’s energy exports. Since 2026, the Office of Foreign Assets Control has sanctioned over 100 oil tankers linked to Iran’s shadow fleet.
The Iranian shadow fleet refers to an informal network of tankers that Iran has set up to evade Western sanctions on its energy sector, using methods such as concealing ownership, disguising identities, and disabling tracking systems. This fleet is primarily responsible for transporting sanctioned Iranian crude oil and petrochemical products to markets such as China and the United Arab Emirates, ensuring that the Iranian government can continue to earn revenue from oil and petrochemical products even in the face of international sanctions.