The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has announced multiple sanctions actions targeting individuals, companies, and vessels involved in the petroleum and financial sectors of Iran and Venezuela, as well as entities linked to a transnational criminal organization operating in Southeast Asia. The actions were taken under various executive orders and are part of a broader policy of economic pressure.
Sanctions on Iranian Oil Trade and Shipping
OFAC designated China-based independent refinery Hengli Petrochemical (Dalian) Refinery Co., Ltd. (Hengli) for its involvement in the Iranian petroleum sector. According to OFAC, Hengli is one of Iran’s largest customers, having purchased billions of dollars worth of Iranian crude oil and petroleum products.
Additionally, OFAC sanctioned approximately 40 shipping firms and vessels described as part of Iran’s "shadow fleet." These vessels are alleged to transport Iranian crude oil, naphtha, propane, butane, high sulfur fuel oil, ethylene, and LPG to markets in China, the United Arab Emirates, Bangladesh, and elsewhere.
The following companies were designated:
- Lisboa Shipping Company Limited (Hong Kong)
- Anka Energy and Logistics Company (Marshall Islands)
- Ting Tao Company Limited (Hong Kong)
- Thien An Hoa Binh Company Limited (Vietnam)
- Nice Gift Limited (British Virgin Islands)
- Reayou Company Limited (Marshall Islands)
- Yegua Trading Limited (Hong Kong)
- Extensive Shipping Limited (Hong Kong)
- Xifoides Group Limited (Hong Kong)
- Zhoushan Yaohai Shipping Co., Ltd. (China)
- Costin Shipping Limited (Hong Kong)
- Mihir Shipping Inc. (Marshall Islands)
- Patriot Inc. (Marshall Islands)
- Naxos Maritime and Trading S.A. (Panama)
- Laurel Shipping Ltd (Cayman Islands)
- Lepus Navigation Ltd (UAE)
- Dofa Shipping Ltd (China)
- Skyros Maritime and Trading S.A. (Panama)
- Evy Blue Ltd (Liberia)
The vessels designated are flagged in Panama, Hong Kong, Marshall Islands, and other jurisdictions. The action was taken under Executive Order 13902 and in furtherance of National Security Presidential Memorandum 2. Since February 2025, OFAC has sanctioned over 1,000 Iran-related persons, vessels, and aircraft.
Sanctions on Iranian Digital Asset Exchanges
OFAC designated four Iranian digital asset exchanges: Nobitex, Wallex, Bitpin, and Ramzinex.
- Nobitex was designated under Executive Order 13224 for providing support to the Islamic Revolutionary Guard Corps (IRGC) and under Executive Order 13902 for operating in Iran's financial sector. OFAC stated that Nobitex processed over 50% of all Iranian digital asset inflows in 2025 and facilitated transactions linked to the IRGC, including ransomware actors. Individuals designated in connection with Nobitex include chairman and co-founder Amir Hossein Rad, Seyed Mohammad Ali Aghamir Mohammad Ali, Seyed Mohammad Aghamir Mohammad Ali, and Seyed Ali Khoee.
- Wallex, Bitpin, and Ramzinex were designated under Executive Order 13902 for operating in Iran's financial sector.
Additionally, OFAC designated two UK-registered digital asset exchanges, Zedcex Exchange, Ltd. and Zedxion Exchange, Ltd., for having connections to Iranian investor Babak Morteza Zanjani. OFAC stated these exchanges processed funds associated with IRGC-linked counterparties. This is characterized as OFAC's first designation of digital asset exchanges for operating within the financial sector of the Iranian economy.
Sanctions on Iranian Officials and Financial Networks
OFAC designated several senior Iranian officials for their roles in overseeing security forces involved in the response to protests in Iran.
Officials Designated Under Executive Orders 13553 and 13876
- Ali Larijani: Secretary of the Supreme Council for National Security (SCNS). Designated under E.O. 13876 for acting on behalf of the Supreme Leader.
- Mohammad Reza Hashemifar: Commander of the Law Enforcement Forces (LEF) in Lorestan Province. Designated under E.O. 13553.
- Nematollah Bagheri: IRGC commander of Lorestan Province. Designated under E.O. 13553.
- Azizollah Maleki: LEF commander for Fars Province. Designated under E.O. 13553.
- Yadollah Buali: IRGC commander for Fars Province. Designated under E.O. 13553.
Officials Designated Under Executive Orders 13553, 13224, and 13902
- Eskandar Momeni Kalagari: Iran’s Minister of the Interior, who oversees the LEF. Designated for actions leading to mass killings, arrests, and forced disappearances during protests.
- Majid Khademi: Head of the IRGC Intelligence Organization.
- Ghorban Mohammad Valizadeh: Commander of the IRGC’s Seyyad al-Shohada Corps in Tehran province.
- Hossein Zare Kamali: IRGC commander of Hamadan province.
- Hamid Damghani: IRGC commander of Gilan province.
- Mehdi Hajian: Commander of the LEF for Kermanshah province.
Shadow Banking Networks
OFAC designated individuals and entities involved in two shadow banking networks facilitating the laundering of proceeds from Iranian petroleum and petrochemical sales.
Bank Melli Network:
- Nikan Pezhvak Aria Kish Company (Nikan Pezhvak) (Iran-based): Head of Bank Melli's network.
- Empire International Trading FZE (UAE-based): Bank Melli's UAE-based company for foreign currency management.
- Golden Mist PTE. Ltd. (Singapore-based): Used as a cover company to receive payments.
- Individuals designated: Mehdi Rashno, Bashir Abbaspour Qomi, and Hamid Reza Khamer (board members of Nikan Pezhvak).
Bank Shahr Network:
- HMS Trading FZE (UAE-based): A commercial front company for Shahr Bank.
- Tejarat Hermes Energy Qeshm (Iran-based): Responsible for commercial trade activities.
- Individuals designated: Masoud Mahdavi Ardakani, Masoud Shamani, and Akbar Givari (senior officials of Tejarat Hermes Energy Qeshm).
- Additional front companies designated: Shine Road Trading FZE, Crystal Gas FZE, Turkiz Fuel Trading LLC, Desert Pulse Trading FZE, Limonium Petrochemicals Trading LLC SOC, Naviera Shipping and Trading FZ LLC (all UAE-based), and Nanshan Ltd. (UK-based).
Other Individual Designated
- Babak Morteza Zanjani: An Iranian investor previously sentenced for embezzling billions of dollars in Iranian oil revenue. OFAC stated that following his release, Zanjani provided financial backing for projects supporting the IRGC and the Iranian government.
Sanctions on Venezuelan Oil Trade
OFAC imposed sanctions on four companies and identified four oil tankers as blocked property. This action targets entities operating within Venezuela's oil sector, following previous designations of Petroleos de Venezuela, S.A. (PDVSA) under Executive Order 13850.
Entities and Vessels Sanctioned
- Corniola Limited (registered owner) and Krape Myrtle Co LTD (ship manager and operator): Designated for operating in Venezuela's oil sector. The vessel NORD STAR (IMO: 9323596) is identified as blocked property.
- Winky International Limited (registered owner): Designated for operating in Venezuela's oil sector. The vessel ROSALIND, also known as LUNAR TIDE (IMO: 9277735), is identified as blocked property.
- Aries Global Investment LTD (registered owner): Designated for operating in Venezuela's oil sector. The vessels DELLA (IMO: 9227479) and VALIANT (IMO: 9409247) are identified as blocked property.
Sanctions on Prince Group Transnational Criminal Organization
OFAC sanctioned nine individuals and 26 entities linked to the Prince Group Transnational Criminal Organization (TCO). The Financial Crimes Enforcement Network (FinCEN) proposed amending its October 2025 Huione Group Final Rule to include H-Pay Service PLC.
Designated Individuals
- Hu Xiaowei (also known as Chen Xiao'er, Hu Shi, Wu An Ming): Described as the TCO's second-in-command. He controls companies in British Virgin Islands, Hong Kong, and Singapore.
- Ho Ho Ming, Kong Ka On, Li Hui: Subordinates of Hu Xiaowei.
- Brendon Luo, Qiu Weiren: Major investors in a Prince Group scam compound.
- Dai An: High-level leader in the TCO.
- Fang Zhizhen: Involved in online payment gateways for scams and money laundering.
- Chen Bo: Director of multiple Prince Group companies and majority owner of Cloud Nine No. 4 Leasing Company Limited and CCU Commercial Bank Plc.
Designated Entities
- 26 entities linked to the TCO, including shell companies, asset management firms, and front companies in Hong Kong, Singapore, UK, and elsewhere.
- Thailand-based White Horse Hotel Management Group Co., Ltd., controlled by previously designated Yang Yanming.
The Prince Group TCO is alleged to operate scam compounds in Southeast Asia, defrauding victims through cyber-enabled fraud including digital asset investment scams. The action was coordinated with the FBI's New York and San Francisco Field Offices, Australia's AUSTRAC, and Japan's National Police Agency.
Sanctions Implications
As a result of these designations:
- All property and interests in property of designated persons in the United States or in the possession or control of U.S. persons are blocked and must be reported to OFAC.
- Entities owned 50% or more by blocked persons are also blocked.
- Transactions by U.S. persons or within the United States involving blocked property are generally prohibited unless authorized by OFAC.
- Violations may result in civil or criminal penalties. OFAC may impose civil penalties on a strict liability basis.
- Non-U.S. persons are prohibited from causing U.S. persons to violate sanctions or engaging in conduct that evades sanctions.
- Individuals providing information about sanctions violations may be eligible for whistleblower awards.
- Information regarding the process for seeking removal from an OFAC list is available through OFAC's guidance on Filing a Petition for Removal from an OFAC List.