The Trump administration is stepping up pressure on Iran’s ability to earn revenue from oil exports, announcing a new round of sanctions targeting the country’s shadow fleet and offshore financial networks. The measures, issued July 29, 2026, by the Office of Foreign Assets Control (OFAC) of the Treasury Department, target boats, corporations and financial facilitators accused of helping Iran circumvent international sanctions and move billions of dollars through the world financial system.
The sanctions include designations of two Iranian maritime insurance firms — HormuzSafe Marine Services Authority and Persian Gulf Marine Insurance Company — which the Treasury alleged support an Islamic Revolutionary Guard Corps-backed scheme that forces commercial vessels to buy purported insurance for passage through the Strait of Hormuz. The two firms have been accused of accepting Bitcoin and other digital assets to bypass Western sanctions.
Shadow Fleet Designations
In a separate component of the same action, OFAC designated eight companies for operating in Iran's petroleum sector and identified eight vessels as blocked property linked to them. The targeted vessels are part of Iran's so-called 'shadow fleet' — a network of tankers that use deceptive practices to transport Iranian oil and petroleum products to foreign markets, primarily in Asia.
The Treasury Department said the sanctions are part of ongoing efforts to disrupt Iran's control over the Strait of Hormuz, a key waterway through which about a fifth of the global oil supply passes. The designations include entities based in multiple jurisdictions, including China, Hong Kong, the United Kingdom, and the Marshall Islands.
The move follows a series of U.S. sanctions and other measures adopted earlier this month. Earlier in July, OFAC sanctioned 29 shadow fleet vessels and their respective management firms that transported hundreds of millions of dollars' worth of Iranian petroleum products. The U.S. has now sanctioned more than 200 individuals, entities, and vessels operating under the patronage of Iranian businessman Mohammad Hossein Shamkhani's illicit shipping network.
More Generally, Treasury’s Statement
Treasury Secretary Scott Bessent wrote on social media: “As previously stated, the Treasury Department will continue to track the tens of millions of dollars that the regime has stolen and is attempting to transfer to banks outside of Iran. The sanctions are aimed at the sources of revenue that sustain the Islamic Revolutionary Guard Corps and its proxy operations.
The action comes amid heightened tensions in the Strait of Hormuz, where Iran has imposed tight controls since the early days of the U.S.-Israeli aggression in March 2026. Iran briefly eased its restrictions on transit in the strait last month after signing an initial agreement with the U.S., but controls were reintroduced after Washington and its allies attempted to ignore Iran's rights under the agreement to manage the strait.
The sanctions are expected to effectively freeze the assets of designated entities in the United States and prohibit U.S. persons from engaging in transactions with them. The designation also subjects the targeted firms to secondary sanctions, meaning foreign entities that do business with them could also face U.S. penalties.
