2. OFAC targets Iranian LPG smuggling and shadow banking networks spanning UAE, China, South and East Asia
OFAC designated a network of individuals, companies and vessels responsible for shipping hundreds of millions of dollars of Iranian-origin LPG, often disguised as Omani LPG, to South and East Asian end users.
BY GEOPOLITICS DESK · JUNE 11, 2026 · 1 MIN READ
OFAC designated a network of individuals, companies and vessels responsible for shipping hundreds of millions of dollars of Iranian-origin LPG, often disguised as Omani LPG, to South and East Asian end users. The action names UAE front companies, a China-based company, multiple LPG tankers, and the Mehrdad Geramian Nik exchange house for moving hundreds of millions of dollars in foreign currency for sanctioned Iranian banks.
Shipping, banking and trade-finance teams should treat this as a live typology update: vessel ownership, flag history, commodity-origin attestations, foreign exchange brokers and the 50 percent rule all need to be reflected in client diligence and screening workflows.