ByTOBIAS HOLCMAN
Updated:

The US Treasury Department’s Office of Foreign Assets Control (OFAC) on Thursday imposed sanctions on a network of front companies and shipping facilitators that bankroll the Iranian armed forces by selling crude oil.

“Today’s action continues Treasury’s campaign to cut off funding for the Iranian regime’s development of nuclear weapons and support of terrorist proxies,” said Treasury Secretary Scott Bessent. “Disrupting the Iranian regime’s revenue is critical to helping curb its nuclear ambitions.”

OFAC also announced additional sanctions against six vessels allegedly part of Iran’s shadow fleet, raising the total number of tankers sanctioned by the Trump Administration to 170.

Additionally, OFAC also shared that it was targeting the Iranian airline Mahan Air, which has “worked closely with the Islamic Revolutionary Guard Corps-Quds Force (IRGC-QF) to arm and supply Iran-backed terrorist groups throughout the Middle East,” the office confirmed.

Thousands of AK-47 assault rifles, seized from a fishing vessel transiting along a maritime route from Iran to Yemen, sit on the flight deck of guided-missile destroyer USS The Sullivans (DDG 68) during an inventory process, in the Gulf of Oman in Arabian Sea, in this photo taken January 7, 2023.
Thousands of AK-47 assault rifles, seized from a fishing vessel transiting along a maritime route from Iran to Yemen, sit on the flight deck of guided-missile destroyer USS The Sullivans (DDG 68) during an inventory process, in the Gulf of Oman in Arabian Sea, in this photo taken January 7, 2023. (credit: US NAVY/HANDOUT VIA REUTERS)

OFAC disrupts Iranian missiles and UAVs procurement networks

Earlier in November, the OFAC also announced that it was targeting 32 individuals and entities based in Iran, the United Arab Emirates (UAE), Turkey, China, Hong Kong, India, Germany, and Ukraine for supporting the Islamic Republic's ballistic missile and drone production.

“Across the globe, Iran exploits financial systems to launder funds, procure components for its nuclear and conventional weapons programs, and support its terrorist proxies,” said Under Secretary of the Treasury for Terrorism and Financial Intelligence John K. Hurley.

“At the direction of President Trump, we are putting maximum pressure on Iran to end its nuclear threat. The United States also expects the international community to fully implement UN snapback sanctions on Iran to cut off its access to the global financial system,” he added.