U.S. Imposes New Sanctions on Iran’s Shadow Banking and Shipping Networks

On May 19 2026 the Trump administration announced sanctions under the “Economic Fury” campaign. The Treasury’s Office of Foreign Assets Control designated Iran-based Amin Exchange (Ebrahimi and Associates Partnership Company) as a primary target, added eight front companies in the UAE, Turkey, Hong Kong and China, and blocked 19 vessels accused of moving Iranian oil, LPG and petrochemicals. The designations freeze U.S. assets of the listed entities and prohibit U.S. persons from dealing with them.

UsNews and World ReportThe Straits TimesU.S. Targets 19 Tankers, Shadow Banks in Major New Iran Sanctions CrackdownWION

The measures follow the U.S.–Israeli-led war that began on 28 February 2026 and Iran’s peace proposal, which calls for an end to hostilities, U.S. force withdrawal, and reparations. The Economic Fury initiative, launched earlier this year, aims to choke Tehran’s covert financing and shipping channels.

The Straits Times

Front firms include Ningbo Jiarui Trading (China), Starshine Petrochemical (Hong Kong), Vigorous Trading (Hong Kong), Alieen Goods Wholesalers (UAE), Bold Trading (UAE), Materium Group (UAE), Bestfortuna (Hong Kong) and Cheng Pan (Hong Kong). The vessel list includes the Barbados-flagged LPG tanker Great Sail, the Palau-flagged products tanker Ocean Wave, and the Panama-flagged chemical/oil tanker Swift Falcon; other reports cite four more tankers with Panama, Vanuatu and other flags.

UsNews and World Report

Iranian exchange houses reportedly process billions of dollars in foreign-currency transactions annually, while front companies handle hundreds of millions for sanctioned banks. Nineteen vessels are on the SDN list, targeting crude, LPG and chemical shipments. All entities face U.S. asset freezes and a ban on transactions by U.S. persons.

U.S. Targets 19 Tankers, Shadow Banks in Major New Iran Sanctions Crackdown

Treasury Secretary Scott Bessent said the action seeks to dismantle Tehran’s shadow banking system, which he called a conduit for terrorist financing. He added that cutting off covert financial and shipping channels aims to erode Iran’s oil-derived revenue and pressure the regime toward a settlement.

U.S. Targets 19 Tankers, Shadow Banks in Major New Iran Sanctions Crackdown

Sources differ on vessel composition: some list three flagged tankers, others cite seven with varied flags. Front-company counts also vary. No independent verification of transaction volumes was provided.

WION

• “Iran’s shadow banking system facilitates the illicit transfer of funding for terrorist purposes,” — Scott Bessent, Treasury Secretary

The Straits Times

• “As Treasury systematically dismantles Tehran’s shadow banking system and shadow fleet under Economic Fury, financial institutions must be alert to how the regime manipulates the international financial system to wreak havoc.” — Scott Bessent, Treasury Secretary

U.S. Targets 19 Tankers, Shadow Banks in Major New Iran Sanctions Crackdown

• “Any person or vessel facilitating the illicit trade of oil or other commodities, through covert trade or financial channels, risks exposure to U.S. sanctions,” — Treasury Department

U.S. Targets 19 Tankers, Shadow Banks in Major New Iran Sanctions Crackdown

• “Treasury said the measures are designed to directly undermine Tehran’s ability to generate revenue through oil exports and covert shipping activity.” — Treasury Department

U.S. Targets 19 Tankers, Shadow Banks in Major New Iran Sanctions Crackdown

Treasury warned secondary sanctions may target foreign banks and firms that continue to support Iranian trade. The administration said further designations could follow as the conflict endures, while diplomatic channels remain open to negotiate a settlement to the war that began in February.

The Straits Times