A Cyprus-based company has been named in the latest US sanctions against Iran, announced as part of the “maximum pressure” campaign aimed at curbing Iran’s nuclear programme.
The announcement came from the US embassy in Cyprus, following action by the Office of Foreign Assets Control (OFAC) of the US Treasury Department. According to OFAC, the sanctions target an extensive oil shipping network linked to Mohammad Hossein Shamkhani, the son of Ali Shamkhani, a senior political adviser to Iran’s Supreme Leader.
This is the largest sanctions package against Iran since 2018, designating over 50 individuals and entities and identifying more than 50 vessels. The network, run by Hossein Shamkhani, is accused of using political influence and complex corporate structures to operate a vast fleet of oil tankers and container ships that transport Iranian and Russian oil and petroleum products worldwide.
According to US authorities, the network has generated billions of dollars in revenue for both the Shamkhani family and the Iranian regime, with key buyers often based in China.
Among the entities sanctioned is GMCG Ltd, registered in Cyprus. OFAC states that GMCG Ltd, along with GMCG Shipping L.L.C in the United Arab Emirates, incorporated and paid fees for shell companies linked to the Shamkhani network, including Neo Shipping Inc., registered in the Marshall Islands.
Under the sanctions, all assets of designated persons and companies within US jurisdiction are blocked, and US persons are prohibited from dealing with them. Entities owned 50% or more by sanctioned parties are also automatically blocked.
The sanctions carry significant compliance implications: financial institutions and other parties risk penalties if they engage in certain transactions with blocked persons. These restrictions extend to offering or receiving money, goods, or services from sanctioned entities.
The US Treasury said the measures target regime elites who profit while Tehran threatens international security.
Also read: Trump gives Russia 10 days to reach Ukraine ceasefire
For more videos and updates, check out our YouTube channel.
