Latest news with #MohammadHosseinShamkhani
L'Orient-Le Jour
2 days ago
- Business
- L'Orient-Le Jour
Shamkhani network exposes workings of Iran's shadow fleet
The U.S. Treasury described it as "the vast maritime empire." That's how they characterized the target of the most extensive set of sanctions imposed on Iran since 2018. Coming into effect last July 30, the measures targeted more than 50 people, companies and ships involved in the transport and sale of petroleum products from the Islamic goal: to cut off the regime's financial windfall while nuclear talks stay at a standstill. A sign of the size of this extensive network, the now-blacklisted entities are located across 17 different jurisdictions, including the United Arab Emirates, India and network, according to Washington, is led by Mohammad Hossein Shamkhani, son of Ali Shamkhani — a Supreme Leader adviser wounded in an Israeli attack during the June war between the two countries — and reflects the...
Epoch Times
02-08-2025
- Business
- Epoch Times
US Hits Iranian Shipping Network With Major New Sanctions
WASHINGTON—The U.S. Treasury Department announced fresh sanctions on Wednesday on over 115 Iran-linked individuals, entities, and vessels, in a sign the Trump administration is doubling down on its 'maximum pressure' campaign after bombing Tehran's key nuclear sites in June. The sanctions broadly target the shipping interests of Mohammad Hossein Shamkhani, the son of Ali Shamkhani, who is himself an adviser to Supreme Leader Ayatollah Ali Khamenei. The U.S. Treasury said it was the most significant Iran-related sanctions action since 2018, during President Donald Trump's first administration.
Asharq Al-Awsat
01-08-2025
- Business
- Asharq Al-Awsat
Iran Condemns US Sanctions on 'Shadow Fleet' Controlled by Shamkhani's Son
Iran on Thursday as 'malicious' the new US sanctions targeting a fleet of oil tankers and container ships controlled by Mohammad Hossein Shamkhani, the son of Ali Shamkhani, a close political adviser to Iran's supreme leader. On Wednesday, the US Treasury Department announced fresh sanctions on over 115 Iran-linked individuals, entities and vessels, in a sign the Trump administration is doubling down on its 'maximum pressure' campaign after bombing Tehran's key nuclear sites in June. The sanctions broadly target the shipping interests of Mohammad Hossein Shamkhani, widely known as 'Hector,' one of biggest oil traders in Iran, and he owns a group of companies active in the Iranian oil trade. He is also involved in the management of the network's illicit activities through various companies. Iran relies heavily on the so-called 'shadow fleet' to circumvent western oil sanctions. The US Treasury said the new sanctions were the most significant Iran-related action since 2018, during President Donald Trump's first administration. According to Treasury, Mohammad Hossein Shamkhani controls a vast network of container ships and tankers through a complex web of intermediaries that sell Iranian and Russian oil and other goods throughout the world. It accused him of using personal connections and corruption in Tehran to generate tens of billions of dollars in profits, much of which is used to prop up the Iranian regime. Overall, the new sanctions target 15 shipping firms, 52 vessels, 12 individuals and 53 entities involved in sanctions evasion in 17 countries, ranging from Panama to Italy to Hong Kong. A US official said the new sanctions would make it 'much more difficult' for Iran to sell its oil, but added that the administration did not anticipate any sustained disruption to global oil markets. The official said that Iran's oil exports had already declined to around 1.2 million barrels per day, from 1.8 million barrels per day at the start of the year, after the Trump administration imposed several smaller rounds of sanctions targeting Iran's oil business. 'We're still engaging further action to bring that number down even more,' the official said, noting that sanctions pressure during Trump's first term had cut Iran oil flows to a few hundred thousand barrels per day. Secretary of the Treasury Scott Bessent said: 'The Shamkhani family's shipping empire highlights how the Iranian regime elites leverage their positions to accrue massive wealth and fund the regime's dangerous behavior.' Iranian Foreign Ministry spokesman Esmail Baghaei called the sanctions 'a clear example of America's hostility towards the Iranian nation.' He condemned 'the new US sanctions against Iranian oil trade' as 'a malicious act aimed at sabotaging economic development and the well-being of the Iranian people.' He also pointed to what he described as recent US and Israeli 'military aggression' against Iranian territory, saying it was part of a broader campaign to destabilize the country and obstruct its development, according to AFP. He accused Washington of pursuing 'economic terrorism' through unilateral and coercive measures that he said violated international law and the basic rights of Iranians. A US official said that Wednesday's action would impact both Russia and Iran, but the action was focused on Iran. 'From our perspective, given where this individual fits, given his connection to the Supreme Leader and his father's previous sanctions activities, given the Iran-related authorities, it's critically important to emphasize that this is an Iran action that is meaningful and very impactful,' the official said. European sanctions Earlier in July, the European Union sanctioned Mohammad Hossein Shamkhani, citing his role in the Russian oil trade. He was added to the bloc's sanctions list for his role in the Russian oil trade and as 'a central player' in the country's so-called 'shadow fleet,' the EU said, reported Bloomberg. Iran's oil exports reached around $35 billion in the 12 months to end-March 2024. A Bloomberg News investigation last year showed how the Mohammad Hossein Shamkhani network had become a major player in the export of Russian and Iranian oil, and established a hedge fund with offices in London, Dubai and Geneva to help manage the proceeds. He has consistently contested Bloomberg's reporting on his business affairs. Ali Shamkhani, Mohammad Hossein's father, was sanctioned by the United States in 2020. The latest sanctions announcement came as prospects for renewed US-Iran diplomacy remained dim in the aftermath of the US bombing of Iranian nuclear sites in June.
Russia Today
31-07-2025
- Business
- Russia Today
Iran slams new US sanctions targeting oil shipping network
Tehran has condemned the latest US sanctions on its oil shipping network. Foreign Ministry spokesman Esmaeil Baghaei has accused Washington of trying to cripple Iran's economic development and harm its people. The US Treasury on Wednesday sanctioned more than 100 individuals, companies, and vessels it claimed are part of a 'shipping empire' run by trader Mohammad Hossein Shamkhani, the son of a senior adviser to Supreme Leader Ayatollah Ali Khamenei. Washington alleged that Shamkhani and his network have illegally funneled tens of billions of dollars in oil revenue to Tehran. 'The unilateral and illegal US sanctions on Iran are a criminal act that violates the basic principles and norms of international law and human rights,' Baghaei said in a statement on Thursday. 'The US government must be held accountable for the gross violations resulting from these illegal sanctions.' He described the measures as 'clear evidence of the hostility of American decision-makers toward Iranians,' citing Washington's 'addiction to unilateralism and illegal and coercive means to achieve its illegitimate goals.' Baghaei accused the US of 'mocking the foundations of international law,' saying the sanctions 'aim to cripple Iran's economic development and violate the fundamental rights of every Iranian.' The sanctions are part of US President Donald Trump's renewed campaign to end Iran's uranium enrichment program, which he claims is a covert bid to build nuclear weapons. They follow recent US-Israeli strikes on Iranian nuclear sites at Fordow, Natanz, and Isfahan. Trump has warned of more attacks if the sites are restarted. Iran has denied that it seeks nuclear weapons, insisting its program is peaceful. Responding to Trump's threat on X, Foreign Minister Abbas Araghchi said Iran will not abandon the program, which has involved 'tremendous investment' in peaceful technology, 'simply because bullying foreigners demand it.' Araghchi told the Financial Times on Thursday that future talks with Washington on Iran's nuclear program can only take place if the US compensates Tehran for damages from last month's strikes. He reiterated there cannot be a deal as long as Trump insists on zero enrichment, but added that 'a negotiated solution can be found.'
Yahoo
31-07-2025
- Business
- Yahoo
US blacklists Iranian oil tycoon to with ties to Russian shadow fleet
The U.S. sanctioned an Iranian oil tycoon and his shipping network in what the Trump administration described as Washington's biggest Iran sanctions action since 2018, when the first term president initiated a maximum pressure campaign on Tehran. Wednesday's measures target Mohammad Hossein Shamkhani, son of a top political adviser to Iran's Supreme leader Ali Khamenei, and more than 50 people and vessels connected to him. The Treasury Department said that Shamkhani's network transports oil and other cargo from Iran and Russia, 'generating tens of billions of dollars in profit.' He will be barred from the American financial system and from using the dollar and any assets he has in the U.S. will be frozen. The EU earlier this month sanctioned Shamkhani and several of his companies as part of its most recent measures against Russia and its oil trade, which has allowed President Vladimir Putin to continue to fund his war effort against Ukraine. The EU described him then as 'a central player in Russia's so-called 'shadow fleet.'' While U.S. officials acknowledged that Wednesday's measures would also target the Russian oil trade, they said they were focused on pressuring Iran. Explaining the new actions, Deputy Treasury Secretary Michael Faulkender said the sanctions were aimed at driving down Iranian oil exports as part of a campaign to squeeze Tehran amid ongoing concerns about its nuclear program, ballistic missile activities and support for terror groups. They follow U.S. and Israeli strikes on Iran's nuclear facilities which dealt a significant blow to the program. While President Donald Trump has said Iran's program is obliterated, recent intelligence suggests some facilities were more damaged than others and Iran may be able to resume enrichment if it wanted to in the coming months. 'We are not going to allow Tehran to secure the funds it needs to advance its dangerous weapons programs and further its destabilizing agenda. We will continue to restrict Iran's ability to circumvent sanctions and launder billions from this trade,' he said. Asked why the U.S. did not emphasize the connection to the war in Ukraine in its press release or briefing on the sanctions, a Treasury official said there has been public reporting about Shamkhani's connections to Russia's shadow fleet. 'Industry and a lot of the public is already aware of the risks that come from dealing with this network in the Russia space,' the official said, granted anonymity to brief reporters. 'What they aren't tracking necessarily as fully is the Iran-related connection.' Trump on Tuesday said Russia has 10 days to broker a ceasefire with Ukraine or else face new sanctions. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
