The U.S. Department of the Treasury’s Office of Foreign Assets Control has designated a network of individuals, companies and vessels involved in exporting Iranian-origin liquid petroleum gas, along with an Iranian exchange house that handled foreign currency for sanctioned banks. The action, taken under Executive Order 13902, targets a UAE and China linked trading network that shipped hundreds of millions of dollars’ worth of LPG to end users in South and East Asia while concealing its Iranian origin, including by presenting some cargoes as Omani LPG, and Mehrdad Geramian Nik and Partners Company plus its operators for moving hundreds of millions of dollars on behalf of sanctioned Iranian banks. Those designated include traders Sarbaz Abdul Zada and Mohammad Shakol Mihandoust, their front companies Butani Trading LLC, Dundlod Trading FZE and ADH Energy FZE, related firms Sahel Star Oil and Gas Company LLC and Shanghai Qianye Energy Co., Ltd., and six LPG tankers and their owning companies that Treasury said transported Iranian cargoes on behalf of the network. Treasury also said Geramian Exchange had contracts with Bank Tejarat, Bank Mellat and Bank Pasargad and held tens of millions of dollars in foreign currency for sanctioned Iranian bank customers as of early 2026. As a result, property and interests in property of the designated persons that are in the United States or in the possession or control of U.S. persons are blocked, entities owned 50 percent or more by blocked persons are also blocked, and U.S. persons generally may not transact with them.
U.S. Department of the Treasury2026-06-05
U.S. Department of the Treasury designates network behind disguised Iranian LPG shipments and exchange house moving funds for sanctioned banks
The U.S. Department of the Treasury’s Office of Foreign Assets Control has designated a UAE- and China-linked trading network, associated individuals, companies, six tankers, and an Iranian exchange house under Executive Order 13902 for exporting Iranian-origin liquid petroleum gas, concealing its origin, and moving foreign currency for sanctioned banks. Those designated include traders Sarbaz Abdul Zada and Mohammad Shakol Mihandoust, several front and related companies, and Geramian Exchange, which held tens of millions of dollars for customers of Bank Tejarat, Bank Mellat and Bank Pasargad. All property and interests in property of the designated parties within U.S. jurisdiction are blocked, including entities 50 percent or more owned by them, and U.S. persons are generally prohibited from transacting with them.