US Sanctions Shipping Network Smuggling Iranian Oil Disguised Iraqi Crude

The U.S. Treasury Department sanctioned a network of shipping companies and vessels led by an Iraqi-Kittitian businessman for smuggling Iranian oil disguised as Iraqi oil, in an effort to maintain pressure on Iran amid stalled nuclear talks. The network covertly blended Iranian oil with Iraqi oil, marketing it as solely Iraqi to evade sanctions. Treasury Secretary Scott Bessent stated that targeting Iran's oil revenue stream aims to degrade the regime's ability to attack the U.S. and its allies, reaffirming commitment to an oil supply free from Iran. Nuclear negotiations have been suspended following a 12-day war in June, with Iran signaling the path to talks remains open but hindered by U.S. demands for missile curbs. The Treasury designated the businessman, his UAE-based companies, and several vessels, including Liberia-flagged tankers involved in ship-to-ship transfers in the Arabian Gulf, as part of the sanctions. Iran's mission to the United Nations has not responded to requests for comment.