meta_id 3576291

On October 8, 2026, the U.S. Department of the Treasury announced sanctions targeting 17 shadow fleet vessels and multiple front companies operating Iran's illicit maritime network as part of Operation Economic Outcast. The action designates vessels registered across jurisdictions including the Comoros, Panama, Bahamas, Mongolia, Palau, Cameroon, Zanzibar, Sierra Leone, Vanuatu, Hong Kong, San Marino, and Gambia, along with 13 shipping companies and operators. Treasury Secretary Scott Bessent said the designations "effectively neutralize the vast majority of Iran's remaining shadow fleet network" and represent efforts to starve the Iranian regime of revenue from petroleum and petrochemical exports. The targeted vessels have transported millions of barrels of Iranian crude oil, bitumen, naphtha, liquefied petroleum gas, fuel oil, methanol, propane, butane, ethylene, and ammonia to markets across South and East Asia since 2021. The designations are made pursuant to Executive Order 13902, which targets Iran's petroleum and petrochemical sectors. The Office of Foreign Assets Control (OFAC) is blocking all property and interests in property of designated persons within the United States or controlled by U.S. persons. U.S. persons are prohibited from engaging in transactions involving blocked persons unless authorised by OFAC licence. Non-U.S. persons are also prohibited from causing U.S. persons to violate sanctions or engaging in conduct that evades U.S. sanctions. Violations may result in civil or criminal penalties. As part of the action, OFAC removed two vessels—the HAKUNA MATATA and PINOCCHIO—from the sanctions list following their removal from the shadow fleet and sale to non-sanctioned operators. Treasury indicated it will continue monitoring and disrupting further sanctions evasion attempts as Iran's shadow fleet network remains fluid, with vessels regularly entering and exiting the network.