Photo: 颐园居 / CC BY-SA 4.0
Iran’s oil and airline businesses are facing another U.S. squeeze, with Washington sanctioning overseas operators it accuses of helping Tehran keep money and services flowing.
Treasury Secretary Scott Bessent put the warning bluntly: “We know where you are, and we will sanction those who continue supporting the Iranian regime, whether by land, sea, or air.”
The Treasury Department announced the measures Wednesday as part of Operation Economic Outcast. Israel National News reported that five individuals and 10 companies were added to the sanctions list, with targets in India, Turkey and Singapore.
For businesses handling payments, cargo, insurance or airline services, this is more than a warning from Washington: dealing with a newly blocked counterparty can put transactions and access to the U.S. financial system at risk. It is not, by itself, an announcement that American consumers’ gasoline prices or airfares will change.
Oil at sea, airline services on land
The action reaches two parts of Iran’s economic network. Treasury accused an overseas maritime network of supplying false flags and certifications to sanctioned vessels carrying Iranian petroleum, including ships it said operated for Iran’s military and proxies.
It separately sanctioned Turkey-based Fugo Ground Services for providing ground handling and other services to designated Iranian airlines. Treasury said the company began servicing several of those carriers in the weeks after their September 8 designations.
Those are the U.S. government’s allegations and sanctions findings. The announcement does not establish a criminal conviction or mean every vessel or airline linked to Iran has stopped operating.
The maritime network and airline-service designations were covered earlier by JBizNews. The wider message is directed at foreign businesses that help Iran trade despite U.S. restrictions.
What the sanctions actually do
Property and interests in property belonging to the designated parties are blocked when they are in the United States or under the control of U.S. persons, Treasury said. U.S. persons are generally barred from transactions involving that property unless an exemption or an OFAC licence applies.
The restrictions also cover entities owned 50% or more, individually or in aggregate, by blocked persons. Treasury warned that foreign financial institutions facilitating certain significant transactions for designated parties could face restrictions on their U.S. accounts.
OFAC also issued an industry alert on falsely flagged vessels. Treasury said false registration can leave ships outside legitimate safety oversight and without valid protection and indemnity insurance, creating potential costs for coastal countries if something goes wrong.
Bessent’s message was that the campaign would keep reaching beyond Iran’s borders. “Under Operation Economic Outcast, you are either with us or against us,” he said. The measures are economic restrictions, not an announcement of a new U.S. military strike.
JBizNews Desk | Washington
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