OFAC sanctions shipping, trading network tied to Iranian oil sales, updates Russia license guidance
The U.S. Treasury’s Office of Foreign Assets Control added one individual, 15 entities and eight vessels linked to Iran-related sanctions evasion, while also issuing a new Russia-related general license and revising two FAQs.
WASHINGTON, May 28, 2026 — The U.S. Treasury Department’s Office of Foreign Assets Control on Thursday updated its sanctions lists to add one individual, 16 entities and eight vessels under Iran-related authorities, in a move centered on networks supporting Iranian oil trade and parties linked to Sepehr Energy Jahan Nama Pars Company, a previously sanctioned oil sales arm of Iran’s Armed Forces General Staff. OFAC also issued Russia-related General License 131F and amended FAQs 1224 and 1225.
The sole individual designated was Indian national Swaroop Jayantilal Bagrecha. The newly listed entities span Hong Kong, Singapore, Qatar, the Marshall Islands, India, Liberia, the United Arab Emirates and China. Five of those entities were tagged under counterterrorism and Iran sanctions authorities as linked to Sepehr Energy, while others were designated under Executive Order 13846.
OFAC also blocked eight vessels: FLORA, GAS NORA, HAUNCAYO, ILL GAP, MAYMEI, RCELEBRA, THEA and YONGAN OCEAN. The action indicates continued U.S. focus on shipping and trading networks used to move Iranian crude and petroleum products through front companies, shadow fleet vessels and opaque ownership structures.
Several of the newly listed companies — including Damai Technology Development Limited, Growth Trading Co., Limited, Mehdiyev Trading Co., Limited, Tida Co., Limited and Worth Seen Energy Limited — were identified by OFAC as linked to Sepehr Energy. Treasury has repeatedly described Sepehr Energy as a central commercial affiliate used by Iran’s military to generate revenue through illicit oil sales that support weapons procurement and regional proxy activity.
Russia-related General License 131F was also announced, authorizing certain transactions tied to the negotiation of and entry into contingent contracts for the sale of Lukoil International GmbH and related maintenance activities, alongside amendments to two Russia-related FAQs.
Regulatory Actions
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