US Imposes New Wave of Sanctions on Iran, Targeting 60 Entities

US Treasury Secretary Scott Bessent on August 24 announced new economic sanctions against Iran, describing the campaign as aimed at “strangling the economy” of Tehran as the US-Israel war with the country approaches six months.

“Globally, our goal is to sever every economic lifeline that sustains this authoritarian regime until Tehran is isolated,” Bessent said at a press conference.

The US Treasury imposed sanctions on nearly 60 individuals and entities, targeting networks Washington alleges help Iran generate revenue from oil, procure weapons, and conduct cyber operations.

Iran dismissed the new US sanctions. Economy Minister Ali Madanizadeh said the measures would fail. “US sanctions against us are not new. We have programs to counter US sanctions, and Washington cannot achieve its goals by cutting off the arteries of our economy,” he was quoted as saying by the Fars news agency.

Targeted Entities

The US Treasury said the new measures target companies and ships linked to networks supporting Iran's nuclear program, missiles, cyber activities, and oil revenue generation. The broader sanctions campaign focuses on five areas: digital assets, technology, gold, aviation, and shipping.

The sanctioned entities span from the Middle East to China, Singapore, and Europe. A major target is a procurement network of over 20 people and entities in the Middle East and East Asia, allegedly helping Iran obtain sensitive technology for nuclear research and ballistic missile development.

Iran: Government ministries such as the Ministry of Intelligence and Security (MOIS) and the Ministry of Defense and Armed Forces Logistics (MODAFL) are targeted. Iran-based logistics company Noavaran Axis (BRE Line) is accused of facilitating shipments for the already-sanctioned Defense Innovation and Research Organization.

Hong Kong: Sweet Ocean Industrial Ltd is accused of brokering sensitive equipment to Iran's Malek Ashtar University of Technology. Feili Co Ltd, Minvur Ltd, Feisu Ltd, Guska Co Ltd, Tiany Technology Ltd, MT Trading and Logistics HK Ltd, Shipoil Ltd, and many others were sanctioned for involvement in procurement networks or transporting Iranian crude oil.

China: Shenzhen Sweet Ocean Technology Ltd and its director Tian Jianbai were sanctioned. Shenzhen Huamei Lianyun International Logistics Co Ltd is accused of serving BRE Line. Logistics firms Shenzhen Bositong, Bositong Supply Chain, and shipping company Lilimoon Navigation Inc were also targeted.

Singapore: Azure Shipping Pte Ltd was singled out for working with the National Iranian Tanker Company. Former owner Mansoor Tayabbhai Gandhi, along with Trans Arctic Global Marine Services and Arc Chartering, were sanctioned. Wellbred Capital Pte Ltd and its subsidiaries in Switzerland and the UAE were targeted for representing Iranian oil trader Mohammad Hossein Shamkhani.

Other Countries: Vast Mart Sdn Bhd (Malaysia) is accused of transferring money to Sweet Ocean. Estanica Trading Ltd (UK) was sanctioned for operating a Gambia-flagged vessel carrying Iranian oil. Edible oil company La Nivernaise de Raffinage SAS (France) was sanctioned. Syrian businessman Mohammad Ahmed Suhil Fattouh and Ukrainian businessman Ivan Obukhov, based in the UAE, are accused of brokering for Iran's shadow oil fleets. Sifra Shipping Co (Marshall Islands) was sanctioned for transporting Iranian liquefied petroleum gas and ethylene. Two Greek nationals, Almpertos Tsoris and Georgios Tsoris, were linked to the Shipoil network.

Reactions and Commentary

Iranian government spokesperson Fatemeh Mohajerani said the government and President Masoud Pezeshkian will “lead the country through this phase” and did not deny economic difficulties. Islamic Revolutionary Guard Corps (IRGC) spokesperson Sardar Mohebi said the US using economic warfare is evidence of its failure on the battlefield.

Researcher Ali Akbar Dareini at the Tehran Center for Strategic Studies said Iran “has a PhD in sanctions evasion” and would overcome the measures. China affirmed its cooperation with Iran within the framework of international law and opposed unilateral sanctions.

US lawyer and former UN special rapporteur Alfred-Maurice de Zayas warned the measures could “backfire,” prompting countries to move away from the US dollar.

Background of Previous Sanctions

Iran has faced US sanctions since the 1979 revolution. President Bill Clinton banned trade with Iran in 1995. The 2015 nuclear deal brought some relief, but the US withdrew in 2018 under President Trump and reimposed sanctions on oil, shipping, and finance. For the new campaign, China, Iran's largest oil buyer, was not targeted in this round.