On Tuesday, December 3, 2024, the Biden administration intensified its sanctions against Iran, targeting 35 entities and vessels accused of illegally transporting Iranian oil to foreign markets. This action is part of what the US Treasury Department describes as Tehran's "shadow fleet."

In a statement reported by Reuters, the Treasury noted that these sanctions build on measures imposed on October 11 in response to Iran's attacks on Israel and its escalated nuclear activities.

Bradley Smith, acting Under Secretary for Terrorism and Financial Intelligence at the Treasury, stated, "Iran continues to funnel revenues from its oil trade into the development of its nuclear program, ballistic missiles, drones, and support for regional terrorist proxies, threatening further instability in the region."

Smith emphasized the United States' commitment to disrupting the shadow fleet of vessels and operators facilitating these illicit activities using a full range of tools and authorities.

These sanctions target key sectors of the Iranian economy to deprive the government of funds necessary to support its nuclear and missile programs. They generally prohibit US individuals or entities from conducting business with the targeted entities and freeze any assets located in the US.

Shipping data from the London Stock Exchange Group's WorkSpace platform indicated that eight of the 21 vessels targeted by the sanctions were loaded with oil, while another ship was heading to a Russian port for loading.

The data showed that the tanker "Min Hang," a Suezmax class vessel, was loaded with Russian Urals crude at the port of Ust-Luga on November 17 and is en route to Port Said, Egypt. Another tanker, "Vesna," an Aframax type, is heading to Kozmino port in the Pacific to load ESPO blend crude on December 8.

Meanwhile, the very large crude carrier "Phoenix" is scheduled to discharge its cargo at the Port of Rizhao in Shandong Province, eastern China, while the medium-range tanker "Rio Nabo" is set to unload naphtha at the Port of Sohar on December 4.

Off the coast of Malaysia, the fully loaded very large crude carrier "Elva" is anchored alongside two similar tankers, "F.T. Island" and "Yuri," which appear to be empty. The supertanker "Bertha" is moving away from West Africa after loading Nigerian Egina crude, while two other tankers are loaded with fuel oil, and the tanker "Tunel" carries naphtha.

Since November 1979, the US has imposed its first sanctions on Iran following the seizure of the American embassy in Tehran by radical students who took hostages. The sanctions under Executive Order 12170 froze nearly $12 billion in Iranian assets, including bank deposits and gold, and imposed an economic embargo.

Recently, the US has expanded its sanctions on Iran to target the oil and petrochemical sectors with a series of sanctions.