US Treasury sanctions more than 50 entities over Iranian oil, LPG exports

KATHMANDU: The US Treasury Department's Office of Foreign Assets Control (OFAC) on Thursday announced sanctions against more than 50 individuals, entities and vessels for facilitating Iranian oil and liquefied petroleum gas (LPG) sales and shipments. The sanctions include Indian nationals involved in trading activities linked to Iran's energy sector, ANI reported.

The Treasury said the designated actors have collectively enabled the export of billions of dollars' worth of petroleum and petroleum products, providing critical revenue to the Iranian regime and supporting groups that threaten the United States. The action targets a network moving hundreds of millions of dollars' worth of Iranian LPG, along with nearly two dozen shadow fleet vessels, a China-based crude oil terminal and an independent refinery.

"The Treasury Department is degrading Iran's cash flow by dismantling key elements of Iran's energy export machine," said Treasury Secretary Scott Bessent. "Under President Trump, this administration is disrupting the regime's ability to fund terrorist groups that threaten the United States."

According to the Treasury release, Indian nationals Varun Pula, Soniya Shrestha and Iyappan Raja have been sanctioned under Executive Order 13902 for acting, or purporting to act, directly or indirectly for or on behalf of shipping firms involved in transporting Iranian petroleum products and LPG.

The release stated that Varun Pula owns Marshall Islands-based Bertha Shipping Inc., which operates the Comoros-flagged vessel PAMIR (IMO 9208239). The vessel has transported nearly four million barrels of Iranian LPG to China since July 2024.

Iyappan Raja owns Evie Lines Inc., also based in the Marshall Islands, which operates the Panama-flagged SAPPHIRE GAS (IMO 9320738). The Treasury said the vessel has transported over a million barrels of Iranian LPG to China since April 2025.

The Treasury Department noted that Soniya Shrestha owns India-based Vega Star Ship Management Private Limited, which operates the Comoros-flagged NEPTA (IMO 9013701). The vessel has transported Iranian-origin LPG to Pakistan since January 2025.

The US Department of the Treasury said the sanctions freeze all property and interests in property of the designated persons that are in the United States or are under the possession or control of US persons. Any entities owned 50 per cent or more by one or more blocked persons are also blocked.

OFAC's regulations prohibit all transactions by US persons or within the United States that involve any property or interests in property of blocked persons unless specifically authorised. Violations of US sanctions may result in civil or criminal penalties for US and foreign persons.

The release added that the ultimate goal of the sanctions is to bring about a positive change in behaviour, and that individuals or entities designated may seek removal from the sanctions list in accordance with established legal procedures.