On October 9, 2025, the U.S. Department of the Treasury’s Office of Foreign Assets Control announced that it sanctioned more than 50 individuals, entities, and vessels that support the sale and shipment of Iranian oil and liquefied petroleum gas (“LPG”) from Iran. OFAC reported that the new designations target a network responsible for moving hundreds of millions of dollars’ worth of Iranian oil and LPG, which provides the Iranian government with significant revenues used to support terrorist groups that threaten the United States. According to Secretary of the Treasury Scott Bessent, the sanctions were imposed to disrupt Iran’s cash flow by “dismantling key elements of Iran’s energy export machine.” Specifically, OFAC designated multiple individuals and entities responsible for the shipment of Iranian oil or LPG, including United Arab Emirates-based Markan White Trading Crude Oil Abroad Co. LLC and Slogal Energy that are reportedly involved in shipments from Iran to Sri Lanka. The designations also include numerous shadow fleet vessels; Rizhao Shihua, a China-based crude oil terminal; Shandong Jincheng Petrochemical Group Co., Ltd., an independent “teapot” refinery in China, and other network members that have played a critical role in Iran’s export of petroleum and petroleum products around the world.
According to OFAC, these designations were imposed pursuant to Executive Order 13902, which enables the imposition of sanctions on key sectors of Iran’s economy, including the financial sector, and EO 13846, for knowingly engaging in a significant transaction for the purchase, acquisition, sale, transport or marketing of petroleum or petroleum products from Iran. As a result of these designations, all property and interests in property of the designated persons within the United States or within the possession or control of a U.S. person are blocked, and U.S. persons are generally prohibited from engaging in transactions involving a designated person. Entities owned 50 percent or more by one or more blocked persons are also blocked.
U.S. Department of Treasury Press Release