US announces broad sanctions against Iran

The sanctions, which primarily target the maritime shipping operations of Mohammad Hossein Shamkhani, the son of Ali Shamkhani, a senior advisor to Iran's Supreme Leader Ayatollah Ali Khamenei, have been described as the most significant sanctions move against Iran since 2018.

In its statement regarding the sanctions, which target the oil tankers, cargo ships, and shell company network of Shamkhani—who controls a significant portion of Iran's crude oil exports—the US Department of the Treasury stated, "This network generates tens of billions of dollars in profit by transporting oil and petroleum products from Iran and Russia, as well as other cargo, to buyers worldwide."

Treasury Secretary Scott Bessent said in a statement on the matter, "The Shamkhani family's maritime empire illustrates how the elites of the Iranian regime use their positions to build massive wealth and finance the regime's dangerous activities."

In his statement, Bessent added, "The more than 115 sanctions announced today represent the largest step taken since the Trump administration launched its policy of maximum pressure on Iran. These actions prioritize US interests by targeting regime elites in an environment where Tehran threatens the security of the United States."

Deputy Treasury Secretary Michael Faulkender said the additions to the sanctions list "expose the deep corruption at the heart of the Iranian regime."

Speaking to reporters, Faulkender said, "Hossein Shamkhani's privileged position within the regime has allowed him to amass great wealth through illegal means at the expense of the Iranian people."

A Treasury Department official, who spoke on condition of anonymity, said the sanctions would not cause a lasting disruption in the global oil market because they target Iran's illegal oil smuggling, and a large portion of this smuggling goes to China.

Since US President Donald Trump took office in January, the US has sanctioned more than 500 Iranian and Iran-linked individuals, entities, and vessels. On February 4, Trump signed an executive order aimed at increasing economic pressure on Iran and reducing Iran's oil exports to zero.

Washington and Tehran held five rounds of talks in April and May aimed at easing sanctions in exchange for Iran limiting its nuclear program.

Following the negotiations, after Iran rejected the US proposal and intelligence reports emerged suggesting that Iran was planning an advanced nuclear weapons program, the US carried out an attack on Iran's nuclear facilities last month.

US President Trump announced on Monday that he would authorize new attacks if Iran returns to its nuclear program.