The United States continues to escalate its maximum pressure campaign against Iran by imposing a new wave of sanctions targeting entities and vessels engaged in Iranian petroleum and petrochemical trade. The latest designations, announced on February 24, 2025, aim to disrupt the Iranian regime’s financial networks that fund malign activities, including its nuclear ambitions, ballistic missile development, and sponsorship of terrorist organizations.
The U.S. Department of State has designated eight entities for their involvement in illicit petroleum and petrochemical transactions, blocking their access to the U.S. financial system and freezing any U.S.-based assets. In conjunction with the Department of the Treasury’s Office of Foreign Assets Control (OFAC), these sanctions target Iran’s vast oil smuggling operations, which have funneled billions of dollars into the regime’s coffers.
Entities Sanctioned Under Executive Order (E.O.) 13846
The U.S. government has identified and sanctioned the following companies for their role in transporting, trading, and facilitating the sale of Iranian petroleum:
- BSM Marine Limited Liability Partnership (BSM Marine LLP) – Based in India, this company manages the vessel YATEEKA (IMO: 9191553), which has been used to transport Iranian oil.
- Kangan Petro Refinery Company – An Iran-based entity engaged in the sale of Iranian petroleum.
- Cosmos Lines Inc – An Indian shipping company involved in the transportation of Iranian crude oil.
- Alkonost Maritime DMCC – A United Arab Emirates-based company managing the vessels MENG XIN (IMO: 9271406) and PHOENIX I (IMO: 9236248), both of which have transported Iranian petroleum products.
- Austinship Management Private Limited – An India-based firm that commercially manages the vessel AMAK (IMO: 9244635), identified as a key asset in Iran’s oil trading network.
- Oceanend Shipping Ltd – A Seychelles-based company serving as the registered owner and commercial manager of ASTERIX (IMO: 9181194), which has been used to transport Iranian oil.
- IMS Ltd – A Malaysia-based company implicated in the transport of petrochemical products from Iran. The vessels CHAMTANG (IMO: 9212400), VIOLET 1 (IMO: 9154000), and PETERPAUL (IMO: 9163269) are identified as properties tied to IMS Ltd.
- Octane Energy Group FZCO – A UAE-based entity involved in the wholesale distribution of Iranian petroleum products.
Sanctions Implications
Under E.O. 13846, all property and interests of these designated entities in the United States, or in possession or control of U.S. persons, are blocked. Additionally, any entity owned 50% or more by one or more designated persons is also subject to these restrictions. U.S. persons and businesses are prohibited from conducting transactions with the sanctioned individuals or entities unless explicitly authorized by OFAC.
These measures reinforce the Biden administration’s commitment to curbing Iran’s destabilizing influence by targeting its financial lifelines. The sanctions also serve as a warning to global entities that engaging in transactions involving Iranian petroleum carries significant financial and legal consequences.
Next Steps and Compliance Measures
Businesses and financial institutions worldwide are urged to ensure compliance with U.S. sanctions regulations and avoid facilitating Iran’s illicit petroleum trade. Companies found violating these restrictions risk severe penalties, including secondary sanctions that could limit their access to the global financial system.
For entities seeking removal from the Specially Designated Nationals (SDN) list, petitions can be submitted to OFAC at OFAC.Reconsideration@treasury.gov. Additional guidance on delisting procedures can be found on the U.S. Department of State’s sanctions delisting page.
The United States remains steadfast in its efforts to hold Iran accountable and will continue deploying all available tools to prevent the regime from using its energy revenues to finance terrorism and regional aggression.