US sanctions over 50 firms, vessels for aiding Iran’s oil trade including shipments to Bangladesh
Treasury Secretary Scott Bessent said the new sanctions aim to dismantle Iran’s “energy export machine” as part of Washington’s ongoing “maximum economic pressure” campaign
The United States has imposed sweeping sanctions on more than 50 companies, individuals, and vessels accused of helping Iran export petroleum and liquefied petroleum gas (LPG), in violation of international restrictions – a network that includes shipments reaching Bangladesh and Sri Lanka.
The US Department of the Treasury's Office of Foreign Assets Control (OFAC) announced the measures on Thursday as part of what it called a broader effort to "degrade Iran's cash flow" and cut off funding to groups Washington designates as terrorist organisations.
In its statement, the Treasury Department cited two specific shipments of Iranian LPG delivered to Bangladesh involving vessels and entities under sanctions, along with general references to ongoing transport activities.
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"These actors have enabled the export of billions of dollars' worth of petroleum and petroleum products, providing critical revenue to the Iranian regime," the Treasury said.
Treasury Secretary Scott Bessent said the new sanctions aim to dismantle Iran's "energy export machine" as part of Washington's ongoing "maximum economic pressure" campaign.
Shipments linked to Bangladesh
Among those newly sanctioned are UAE-based Slogal Energy DMCC and Markan White Trading Crude Oil Abroad Co LLC, accused of facilitating Iranian LPG shipments to South Asia since 2024. OFAC noted that multiple consignments reached "end users in Sri Lanka and Bangladesh."
In early 2025, the Panama-flagged vessel Gas Dior – owned by Panama-based Aerilyn Shipping Inc – delivered over 17,000 tonnes of Iranian LPG to Bangladesh for Octane Energy FZCO, which has now also been sanctioned, according to the US Treasury.
Earlier in late 2024, another vessel, the Comoros-flagged Ada (IMO 9008108), formerly named Captain Nikolas, carried Iranian LPG to several customers in Bangladesh. The ship, owned by UAE-based Sea Ship Management LLC, is now listed as "blocked property" under the latest US sanctions.
The Captain Nikolas had caught fire at the outer anchorage of Chattogram Port on 13 October last year while offloading LPG to a lighter vessel named BLPG Sophia. Nikolas, carrying 34,000 tonnes of LPG, remained stranded for months due to legal complications.
After prolonged negotiations, it was allowed to resume gas transfer operations on 5 September this year. Vessel-tracking data show it remains anchored at Chattogram Port.
While no Bangladeshi company or government body has been named in the sanctions, the mention of these deliveries places Bangladesh within the scope of Washington's expanding enforcement network.
Under US law, foreign firms involved in sanctioned transactions risk secondary sanctions, including exclusion from the US financial system.
Expanding global sanctions network
The latest move marks the fourth round of US sanctions this year targeting intermediaries and refineries, particularly in China, that purchase Iranian oil. It builds on similar actions taken in July and August.
The Treasury identified firms (the network) based in the UAE, Hong Kong, and the Marshall Islands accused of concealing the origin of Iranian oil through "shadow fleet" operations – including vessel-to-vessel transfers and shell companies that disguise cargo movements.
The statement detailed dozens of ships used to transport or mask Iranian oil and LPG shipments, including the Max Star, Gas Vision, Sea Opera, and Tulip, which collectively moved hundreds of millions of dollars' worth of Iranian petroleum products across Asia.
Bangladesh, Sri Lanka, China, and the UAE are among the countries that reportedly received shipments tied to the sanctioned network, the statement noted.
Chinese companies among latest targets
Two Chinese firms – Shandong Jincheng Petrochemical Group and Rizhao Shihua Crude Oil Terminal – were among the latest targets. The US Treasury accused them of importing millions of barrels of Iranian crude since 2023, using vessels previously blacklisted by Washington.
The companies allegedly helped Iran's state-owned oil marketing arm move and store billions of dollars' worth of crude in Chinese ports, providing a crucial outlet for Iranian exports despite global restrictions.
Regional implications
The new sanctions effectively block all property and assets of the listed entities that fall under US jurisdiction and prohibit American firms or citizens from doing business with them. Financial institutions found to be facilitating such trades could also face penalties.
Analysts say the move may disrupt parts of the South Asian fuel trade, especially for countries like Bangladesh and Sri Lanka that rely on spot LPG purchases. It also signals Washington's intention to expand enforcement beyond Iran's borders, targeting intermediaries in Asia and the Middle East.
OFAC said its goal is not punishment but "to bring about a positive change in behavior."
However, the sanctions could complicate energy procurement for smaller importers if suppliers or shipping firms linked to the network have been active in the region.
