US Imposes New Sanctions on Network Accused of Exporting Iranian LPG Through Front Companies

Washington, June 2026 : The United States has announced a new round of sanctions targeting an international network accused of disguising Iranian-origin liquefied petroleum gas (LPG) as fuel from Oman and exporting it to customers across South and East Asia, including Bangladesh. The sanctions also extend to an Iranian foreign exchange firm allegedly involved in moving hundreds of millions of dollars on behalf of sanctioned Iranian banks.

The measures were unveiled by the US Department of the Treasury’s Office of Foreign Assets Control (OFAC), which said the network relied on front companies based in the United Arab Emirates and China, foreign bank accounts, and vessels linked to Iran’s so-called “shadow fleet” to evade international sanctions and conceal the true origin of the LPG shipments.

US Treasury Secretary Scott Bessent said the action was part of Washington’s broader effort to curb Iran’s ability to generate revenue through sanctions-evasion mechanisms.

“Iran’s economy is floundering and its military is decimated,” Bessent said, adding that the Treasury Department would continue efforts to disrupt Iran’s shadow fleet, financial networks, and access to global trade.

According to the Treasury Department, Afghan national Sarbaz Abdul Zada and Turkish national Mohammad Shakol Mihandoust allegedly operated a network of UAE-based companies that exported millions of barrels of Iranian LPG while falsely declaring it as Omani fuel.

Among the entities sanctioned are UAE-based firms Butani Trading LLC, Dundlod Trading FZE, and ADH Energy FZE. US authorities allege these companies played key roles in arranging and facilitating the shipments.

Bangladesh was identified as one of the principal destinations for several of the LPG cargoes highlighted in the sanctions action. The Treasury Department stated that in March 2026, ADH Energy FZE was involved in the sale and export of millions of barrels of Iranian LPG to end-users in Bangladesh.

Investigators also alleged that the vessel LPG SEVAN transported approximately 750,000 barrels of LPG to Bangladesh between August and November 2025. Another shipment arranged by Dundlod Trading FZE reportedly involved 22,000 metric tonnes of LPG delivered to Bangladesh in October 2025, with an estimated value of $10.5 million. The tanker GAS ZEINA was also cited for carrying multiple LPG consignments to Bangladesh during May 2025.

As part of the sanctions package, several vessels accused of transporting Iranian LPG have been added to OFAC’s Specially Designated Nationals and Blocked Persons (SDN) List. These include MD 23, GLENDALE, AMIR GAS, GAS LAGOON, MILE, and GAZ GMS, along with companies linked to their ownership and operation.

In a separate action, OFAC sanctioned the Iran-based Mehrdad Geramian Nik and Partners Company, commonly known as Geramian Exchange, along with members of its leadership. US authorities allege that the exchange house maintained contracts with sanctioned Iranian banks, including Bank Tejarat, Bank Mellat, and Bank Pasargad, facilitating foreign currency transactions worth hundreds of millions of dollars.

The Treasury Department described Iranian exchange houses as a critical component of Tehran’s sanctions-evasion infrastructure, alleging that they use brokers, shell companies, and overseas accounts to move funds while obscuring links to Iran’s financial system.

The latest sanctions underscore Washington’s continuing efforts to tighten economic pressure on Iran and disrupt networks it believes are helping the country bypass international restrictions on trade and finance.

(The content of this article is sourced from a news agency and has not been edited by the Mavericknews30 team.)