The U.S. Department of the Treasury’s Office of Foreign Assets Control announced on May 28 additional measures against Iran’s military oil sales, aiming to curtail the regime’s ability to fund its armed forces and pose threats to the United States and its partners in the region. The Treasury said Iran’s military generates revenue through crude oil sales using front companies, supporting efforts to rebuild its armed forces and threaten neighboring countries.
“The Treasury Department will continue to increase pressure on Iranian oil sales to deprive the Iranian regime and its military of the financial resources it needs to threaten U.S. allies and partners in the Middle East,” said Secretary of the Treasury Scott Bessent. “We will not allow the Iranian government to increase its oil revenue for the purpose of reconstituting its armed forces and military capabilities.”
The action is taken under Executive Order 13224, as amended, as part of a broader campaign known as Economic Fury, which implements maximum economic pressure on Iran in line with National Security Presidential Memorandum 2. The U.S. Department of State’s Rewards for Justice program is also offering up to $15 million for information leading to disruption of financial mechanisms supporting Iran’s Islamic Revolutionary Guard Corps (IRGC) and related branches.
According to Treasury, these efforts have disrupted tens of billions of dollars’ worth of revenue from reaching Iran and included freezing nearly half a billion dollars in regime-linked cryptocurrency assets. Recent actions have targeted shadow banking networks, designated networks supplying weapons components, sanctioned officials facilitating illicit oil sales with militias in Iraq, addressed terrorist proxies supported by Iran, and identified vessels or entities sustaining illicit oil activities.
Entities newly designated include Sepehr Energy Jahan Nama Pars Company—the primary oil sales arm for Iran’s Armed Forces General Staff—and several Hong Kong-based firms such as Growth Trading Co., Limited; Damai Technology Development Limited; Tida Co., Limited; Mehdiyev Trading Co., Limited; and Worth Seen Energy Limited for their roles assisting or acting on behalf of Sepehr Energy Jahan in shipping or procuring petroleum products.
As a result, all property interests belonging to designated individuals or entities within U.S. jurisdiction are blocked and must be reported. Transactions involving these persons are generally prohibited unless authorized by OFAC license or exemption. Violations may lead to civil or criminal penalties for both U.S. and foreign persons involved.
