On Thursday, 8 October 2026, the US Department of the Treasury sanctioned 17 vessels of the Islamic Republic's shadow fleet and 17 companies linked to them as part of Operation Economic Outcast. The Treasury said in a statement that the action takes most of the Islamic Republic's remaining shadow fleet out of operation.
According to the Treasury, these vessels have carried millions of barrels of Iranian crude oil, petroleum products and petrochemicals to markets in South and East Asia, including China, India and Pakistan. Among them are the Cameroon-flagged tanker "Shenzhen", which has moved more than 3.5 million barrels of Iranian crude since November 2025, and the Vanuatu-flagged tanker "Tina 5", which carried more than 1.5 million barrels of crude in August alone.
Companies and countries targeted by the sanctions
According to Iran International, those sanctioned include nationals and companies from India, a Turkish national and a ship management company in the UAE, while other companies are registered in China, Hong Kong, the Marshall Islands and the British Virgin Islands. The sanctions were issued under Executive Order 13902, which blocks the targets' assets within US jurisdiction. At the same time, the Treasury removed two tankers, "Hakuna Matata" and "Pinocchio", from the sanctions list because they had been sold to non-sanctioned companies after leaving the shadow fleet.
US Treasury Secretary Scott Bessent said the department is cutting off the money the Islamic Republic uses for warmongering in the region and will continue to expose those who make the regime's oil sales possible.
The US Treasury says that by sanctioning 17 vessels, most of the Islamic Republic's remaining shadow fleet has been put out of action.
Background to Operation Economic Outcast
Operation Economic Outcast began on 24 August and aims to isolate the Islamic Republic's revenue and financial networks by putting pressure on the companies and governments that do business with it. On 1 October the operation was extended to the car industry and the railways, including Iran Khodro and SAIPA. According to Iran International, Bessent said on 3 October that there was no Islamic Republic oil cargo at sea that week. The new sanctions come as the US naval blockade continues, which Donald Trump reaffirmed on the same day.
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