Treasury of the United StatesS. The agency announced a sanctions expansion, neutralizing most Iranian shadow fleet vessels. During 2023, the United Kingdom-registered and China-based Saint Abundant I shipped 600,000 barrels of Iranian cargo, including 200,000 barrels of ammonia with propane/butane and 400,000 barrels of methanol. See 20501 for OFAC details. Those providing actionable information leading to enforcement resulting in 1,000,000 USD may receive awards. The operation, dubbed Economic D-Day on August 24, 2026, disrupts networks facilitating Iranian oil exports. This initiative, 0613, aims to cut revenue funding conflicts. It serves as part of a 20-year strategy involving 6 regional pillars. According to the Treasury, the operation is designed to cut off the regime’s revenue streams used to fund regional conflicts.
Secretary of the Treasury Scott Bessent stated that the government is starving the regime of funds and will expose enablers of these illicit sales. The latest action, executed by the Office of Foreign Assets Control (OFAC), involves the designation of 17 vessels and various international front companies. These entities allegedly used complex structures to bypass U.S. sanctions while transporting petroleum products to markets in South and East Asia.
Vessels tagged in 2025 include the Comoros-flagged PARITOSH, the Bahamas-flagged GAS LUCKY, and the Panama-flagged STARWAY, which has moved three million barrels. Since 2021, these ships have been managed through networks based in Hong Kong, China, and the Marshall Islands. Notable ships include the PARITOSH (9383352) with 100,000 barrels, the 170,000-barrel BITU (9531765), and the GAS LUCKY (9177557) carrying 500,000 barrels. Additional identified ships are the STARWAY (9273246), G SPRING (9040118), KANHA (9308766), and KING CHAIN (9277761). The fleet also features the POLAR (9050187) with 501, MACKEREL (9234628), GAS MARAKUA (9240421), ZIXUAN (9317298), and AVA 6 (9226140). Finally, the registry lists PARITOSH (5), TINA 5 (9237761), SOGL (9208227), NOBLE SEA (9343118), SHENZHEN (9276561), EXFLAME (9294678), GAS LUCKY (50), and BITU (31). Treasury officials emphasized that because this maritime ecosystem remains fluid, the department will continue monitoring the sector to identify further evasion attempts.
Conversely, OFAC removed the HAKUNA MATATA (9354167) and the PINOCCHIO (9400112) from the Specially Designated Nationals (SDN) List. This decision follows a verified change in ownership and the vessels’ integration into non-sanctioned maritime operations. Treasury officials noted that this demonstrates their willingness to remove parties from the list when they alter their behavior.
For the global insurance industry, these developments serve as a critical compliance indicator. The designations under Executive Order 13902 mean that any property or interests held by these entities in the United States must be blocked and reported. Furthermore, U.S. and foreign financial institutions face risks of secondary sanctions if they facilitate transactions for the designated parties. Maritime brokers and insurers must carefully monitor vessel ownership structures in this region. Strict liability standards mean sanctions violations can result in serious criminal or civil penalties.
Image is an illustration created with AI for general context
Source: U.S. Department of the Treasury
