US authorities have imposed sanctions on two oil traders in Hong Kong and the UAE, as well as several shipping companies across Asia, for allegedly brokering and transporting Iranian-origin fuel. 

The Office of Foreign Assets Control (Ofac) and Department of State announced this week it was cracking down on “oil brokers”, which operate outside Iran but facilitate the sale and transport of Iranian oil, largely to buyers in China and the UAE. 

The move marks the second round of sanctions against companies accused of trading Iranian oil since the February 4 launch of President Donald Trump’s “maximum pressure” campaign, which intends to slash the country’s oil exports to zero. 

“Iran continues to rely on a shadowy network of vessels, shippers, and brokers to facilitate its oil sales and fund its destabilising activities,” says treasury secretary Scott Bessent.  

“The United States will use all our available tools to target all aspects of Iran’s oil supply chain, and anyone who deals in Iranian oil exposes themselves to significant sanctions risk.” 

UAE-based oil trader Petroquimico FZE is accused of purchasing tens of millions of dollars worth of petroleum products from the National Iranian Oil Company (NIOC), which is involved in oil extraction, refining and exporting. 

Petroquimico allegedly used a vessel operated by Liberia-based Le Monde Marine Services, which has also been added to Ofac’s list of sanctioned entities. 

US authorities accuse Hong Kong-based Petronix Energy Trading Limited of purchasing oil from Naftiran Intertrade Company, which acts as NIOC’s marketing arm, the announcement says. 

Other shipping companies have also been targeted. 

India-based Flux Maritime has been sanctioned for allegedly acting as “the technical manager of a vessel that loaded hundreds of thousands of barrels of heavy Iranian crude oil via a ship-to-ship transfer”. 

China-headquartered Nycity Shipmanagement Co is accused of operating a vessel that loaded crude via ship-to-ship transfer from a sanctioned Iran-owned tanker. 

And six other firms – Alkonost Maritime, BSM Marine, Cosmos Lines, IMS Ltd, Kangan Petro Refining Company, Oceanend Shipping and Octane Energy Group – have also been designated. Their locations include India, Iran, Malaysia, the Seychelles and the UAE. 

The companies are accused of “having knowingly engaged in a significant transaction for the purchase, acquisition, sale, transport, or marketing of petroleum or petroleum products, or petrochemical products from Iran”. 

Petronix and Octane did not respond when contacted by GTR. All other companies did not have active websites or could not be reached. 

The actions follow an executive order issued by Trump on February 4, which requires the Department of the Treasury to “impose maximum pressure on the Iranian regime to end its nuclear threat, curtail its ballistic missile program, and stop its support for terrorist groups”. 

Two days later, Ofac announced the first sanctions action under the new directive, unveiling restrictions against companies in China, Hong Kong, India, Kazakhstan and the Seychelles. 

Prior to the “maximum pressure” campaign, the US has frequently targeted overseas commodity traders for their involvement in Iranian oil trade under its secondary sanctions regime. 

However, an analysis by law firm Herbert Smith Freehills says Iran’s oil exports have “risen gradually in recent years despite the continuation of US secondary sanctions”. 

It warns the latest crackdown means entities involved in such activity “are likely at a substantial risk of US sanctions action”. 

The announcement also adds 13 individual vessels to Ofac’s sanctions list, marking the latest in a series of actions against oil tanker operators and managers accused of facilitating sanctioned trade.