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US sanctions target Iranian oil network, including SL-based firm
The U.S. Treasury has sanctioned Sri Lanka-based Marine Solution Pvt Ltd, the technical manager of the Barbados-flagged SHANNON II, for its involvement in shipping Iranian oil, the US Treasury Department said.
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has imposed new sanctions on Iran’s oil trade network, targeting key individuals, entities, and vessels involved in the export of Iranian oil.
Among those designated is Sri Lanka-based Marine Solution Pvt Ltd, which serves as the technical manager for the Barbados-flagged vessel SHANNON II (IMO: 9237797), accused of shipping Iranian oil.
The sanctions also target Iran’s Minister of Petroleum, Mohsen Paknejad, who oversees billions of dollars in oil exports, including allocations to Iran’s armed forces.
Additionally, several Hong Kong-based companies and vessels, such as the PEACE HILL and CORONA FUN, have been designated for their roles in transporting Iranian oil to China.
Treasury also designated owners or operators of vessels that have delivered Iranian oil to China or lifted it from storage there, it said. Those were in multiple jurisdictions, including India and China, it said.
These measures, taken under Executive Order 13902, aim to disrupt Iran’s oil revenue streams and its reliance on a “shadow fleet” to evade sanctions. The U.S. continues its campaign to pressure Iran’s petroleum sector and curb its destabilizing activities.
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