The US warned Tuesday it will unleash full “Economic Fury” on Iran, ending a reprieve on sanctions on Tehran oil at sea and threatening to move against foreign banks that back Iran’s terror activities.

After the first day of the US blockade on the Strait of Hormuz, the US Treasury Department signaled that it will not renew a 30-day waiver of sanctions on Iranian oil at sea set to expire this week.

“Treasury is moving aggressively with Economic Fury, maintaining maximum pressure on Iran,” the agency said in a statement while referencing Operation Epic Fury, the current US military campaign in the Middle East.

“The short-term authorization permitting the sale of Iranian oil already stranded at sea is set to expire in a few days and will not be renewed,” the department said.

The treasury had allowed about 140 million barrels of Iranian oil at sea to continue their shipments March 20 to alleviate soaring fuel prices caused by the war.

The waiver is set to expire April 19. The US said it also will not renew the waiver on Russian oil at sea, which expired Saturday, Trump administration sources told Reuters.

Both waivers had received backlash from US lawmakers, who argued they provided an economic lifeline to the people in Iran and Russia at a time of war in both countries.

Along with ending the waivers, the Treasury Department also added pressure to countries and municipalities that host banks that allegedly help fund Iran.

“Financial institutions should be on notice that the department is leveraging the full range of available tools and authorities and is prepared to deploy secondary sanctions against foreign financial institutions that continue to support Iran’s activities,” it said.

The treasury specifically sent out letters detailing the warning to China, Hong ⁠Kong, the United Arab Emirates and Oman after identifying banks in the nations linked to Iran.

“My hope is for your swift action to identify and ​stop any illicit activity ⁠linked to Iran to avoid further action from Treasury,” Treasury Secretary Scott Bessent said in the letter.

The department had previously informed banks last year that Iran had processed at least $9 billion through US correspondent accounts in 2024 with front companies in Hong Kong, the UAE and other countries. (New York Post)

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The United States imposed new sanctions Thursday targeting nearly 100 individuals, entities and vessels connected to Iran’s oil and petrochemical trade, including companies that have facilitated shipments of Iranian liquefied petroleum gas (LPG) to Sri Lanka.

According to the U.S. Treasury Department, Chinese-linked traders Slogal Energy DMCC and Markan White Trading were involved in supplying Iranian-origin LPG to Sri Lanka. The sanctions could disrupt those supply chains and increase costs or delays for Sri Lankan importers, as global firms seek to avoid dealings with designated entities.

The broader sanctions package includes measures against Chinese refineries and shipping terminals accused of helping Iran evade restrictions on oil exports. U.S. officials say Iran’s oil revenues fund its nuclear and missile programs and support proxy groups across the Middle East.
These are the fourth round of U.S. sanctions targeting China-based buyers of Iranian oil since 2023.

“United Arab Emirates (UAE)-based Markan White Trading Crude Oil Abroad Co. L.L.C (Markan White) and Slogal Energy DMCC (Slogal) play a key role in enabling the sale and shipment of Iranian LPG to Sri Lanka.  Since at least 2023, UAE-based Amita Petrochemical Trading L.L.C (Amita Petrochemical) has purchased Iranian petrochemicals from Iran-based petrochemical broker Persian Gulf Petrochemical Industry Commercial Co (PGPICC).  In 2024, Amita Petrochemicalformed Markan White to act on its behalf in future transactions with PGPICC.  Markan White facilitated the sale of tens of millions of dollars’ worth of LPG on behalf of PGPICC in late 2024,” the Treasury Department said in its report.

The report identified that in early 2025, Markan White used two Hong Kong-based shell companies—Ravenala Trading and Crimson Blue Trading—to help transfer $25 million from LPG sales to Iran’s PGPICC. Around the same time, PGPICC and Markan White also used another Hong Kong company, AIX Company Limited, to move over $100 million in payments for Iranian LPG sales

“In late 2024, PGPICC and Markan White used Slogal to help facilitate the sale, shipment, and export of millions of dollars’ worth of Iranian LPG to Sri Lanka.  In 2024 and 2025, Slogal purchased Iranian LPG that was delivered to Sri Lanka, with multiple shipments of Iranian LPG reaching end users in Sri Lanka and Bangladesh.  In 2024, Palau-flagged MAX STAR (IMO9134165) delivered Iranian LPG that was purchased by Slogal.  Similarly in 2025, Slogal purchased Iranian LPG that was delivered by Panama-flagged GAS DIOR (IMO 9379404) to Sri Lanka.  In early 2025, GAS DIOR delivered over 17,000 metric tons of Iranian LPG to Bangladesh, making an additional LPG delivery for now-sanctioned supplier Octane Energy FZCO,” it added. (Newswire)

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