U.S. targets oil network funding Iran's military

Yesterday, the Treasury Department reported that OFAC has sanctioned an international network for facilitating the shipment of millions of barrels of Iranian crude oil worth hundreds of millions of dollars to the People’s Republic of China (PRC). The oil was shipped on behalf of Iran’s Armed Forces General Staff (AFGS) and its sanctioned front company, Sepehr Energy Jahan Nama Pars (Sepehr Energy). This action includes entities and individuals in multiple jurisdictions, including the PRC, India, and the United Arab Emirates (UAE), as well as several vessels.

For a link to the names and identification information of the designated parties and vessels, see yesterday's BankersOnline OFAC Update.