The US announced expanded sanctions on Iran's oil sector, targeting over 20 transportation and financial networks in retaliation for the closure of the Strait of Hormuz, aiming to cut off Iran's main sources of income.
On 16 April 2026 GMT+7, the US Treasury Department stated that the latest round of sanctions on Iran's oil sector targets oil transport networks linked to Mohammad Hossein Shamkhani, a petroleum transport businessman, covering more than 20 individuals, companies, and vessels.
Additionally, the US Treasury announced sanctions against Sayyed Nimaei Badroddin Mousavi, identified as a financial supporter of Hezbollah, along with three other companies involved in a complex money laundering network that exchanged Iranian oil for gold from Venezuela.
US Treasury Secretary Scott Bessent said these measures are part of an economic pressure plan to limit the Iranian government's ability to generate revenue, especially from the energy sector. He added that the goal is to cut off Iran's capability to earn income while Iran continues to use the Strait of Hormuz as a tool to counter the US.
Source: AFP