Washington | News Tanks Bureau.

In a significant move to curb Iran’s shadow oil trade, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has imposed sanctions on 22 entities based in Hong Kong, the United Arab Emirates, and Turkey. These companies are accused of facilitating oil sales that benefit Iran’s Islamic Revolutionary Guard Corps Quds Force (IRGC-QF)

According to OFAC, these entities form part of a sophisticated “shadow banking” system used by Iran to evade international sanctions. Revenue from illicit oil transactions is allegedly funneled through offshore accounts and ultimately supports weapons programs and terrorist operations across the Middle East.

Deals Linked to Hezbollah and Front Companies

Among the newly sanctioned entities is Pulkuler Energy, a Turkish firm that reportedly purchased hundreds of millions of dollars’ worth of Iranian oil in 2024. These transactions were coordinated with Hezbollah-linked broker Concepto Screen SAL Offshore and IRGC-QF officials.

Another major target is Golden Globe, a front company allegedly serving as a key operational hub for IRGC’s oil network in Turkey. The firm is said to have managed oil trades involving tankers such as URI (IMO 9248497), Luna Prime (IMO 9174220), Eternal Peace (IMO 9259745), and Titan (IMO 9293143).

U.S. Officials: Iran Prioritizing Arms Over Citizens

U.S. Treasury Under Secretary for Terrorism and Financial Intelligence, Scott Bessent, stated
“The Iranian regime relies heavily on this shadow banking system to finance its destabilizing nuclear and missile programs, rather than investing in the wellbeing of its own people.”

This marks the second round of sanctions specifically aimed at dismantling Iran’s shadow banking infrastructure, following President Biden’s issuance of National Security Presidential Memorandum 2, which directed maximum pressure measures on Tehran.

Consequences of the Sanctions

Under the new sanctions, all assets and interests in property belonging to the designated entities that are under U.S. jurisdiction are now frozen. Furthermore, all transactions involving these blocked parties by U.S. persons are prohibited.

Any violations by U.S. or foreign individuals may result in significant civil or criminal penalties. OFAC emphasized that it enforces these sanctions under a strict liability standard, meaning intent or knowledge of the violation is not required for penalties to apply.