US Sanctions Companies, Vessel Behind $100M Shipment From Iran to China

The Office of Foreign Assets Control this week sanctioned Hong Kong-registered Kohana Company Limited and Marshall Islands-registered Iridescent Co Ltd. for operating a vessel shipping more than $100 million worth of Iranian commodities to China. The Panama-flagged Kohana is on its way to China, where it plans to offload the cargo to Chinese businesses, OFAC said.

The agency said Iran’s Ministry of Defense and Armed Forces Logistics coordinated the shipment in late January. OFAC didn't say what the shipment includes, but said the Iranian ministry helps send weapons, including drones, to Russia to support its war against Ukraine. Brian Nelson, Treasury’s undersecretary for terrorism and financial intelligence, said the agency will “continue to disrupt the illicit revenue-generation efforts that support these destabilizing acts.”