The U.S. Treasury's Economic Fury operation has targeted an Iranian LPG smuggling network that disguised hundreds of millions of dollars in Iranian petroleum gas as Omani-origin exports to South and East Asia, while also sanctioning shadow banking operations moving foreign currency for Iranian banks.

Individuals:

  • Sarbaz Abdul Zada (Afghan national) - Network operator managing UAE front companies for Iranian LPG export scheme
  • Mohammad Shakol Mihandoust (Turkish national, also known as Haji Shakoor) - Network co-operator running UAE and China-based front companies for LPG smuggling
  • Mehrdad Geramian Nik (Iranian national, holds Dominican citizenship) - Exchange house operator facilitating hundreds of millions in foreign currency transactions for sanctioned Iranian banks
  • Romina Geramian Nik (Iranian national) - Co-operator of family-run exchange house

Entities:

  • Butani Trading LLC (UAE) - Front company that shipped tens of thousands of metric tons of Iranian LPG worth tens of millions to South Asia
  • Dundlod Trading FZE (UAE) - Front company that delivered 22,000 metric tons of LPG to Bangladesh worth $10.5 million in October 2025
  • ADH Energy FZE (UAE) - Front company used to sell millions of barrels of Iranian LPG to Bangladesh in March 2026
  • Sahel Star Oil and Gas Company LLC (UAE) - Entity used by Abdul Zada for Iranian LPG shipments
  • Shanghai Qianyue Energy Co., Ltd. (China) - Company owned and operated by Mihandoust
  • Mehrdad Geramian Nik and Partners Company (Iran) - Exchange house holding tens of millions in foreign currency for Bank Tejarat, Bank Mellat, and Bank Pasargad
  • Limra Gas Limited (Marshall Islands) - Owner/manager/operator of MD 23
  • Ecoseas Maritime Limited (Liberia) - Owner of GLENDALE
  • Blue Sea Marine Incorporated and Faateh Maritime Incorporated (Marshall Islands) - Owner/manager/operator of AMIR GAS
  • Adamas Shipping Inc (Marshall Islands) - Owner/manager/operator of GAS LAGOON
  • Black Gold Trade Corporation (Marshall Islands) - Owner of MILE
  • Gas GMS Limited (Marshall Islands) - Owner of GAZ GMS

Vessels:

  • MD 23 (IMO 9158240, Palau flag) - LPG tanker transported hundreds of thousands of barrels since 2023
  • GLENDALE (IMO 9139945, Panama flag) - LPG tanker transported millions of barrels since 2020
  • AMIR GAS (IMO 9167409, St. Kitts and Nevis flag) - LPG tanker transported hundreds of thousands of barrels since 2025
  • GAS LAGOON (IMO 9386304, Panama flag) - LPG tanker transported millions of barrels since 2023
  • MILE (IMO 8910897, Panama flag) - LPG tanker transported millions of barrels since 2024, shipped over 500,000 barrels to Bangladesh in early 2025
  • GAZ GMS (IMO 9131539, Panama flag) - LPG tanker transported hundreds of thousands of barrels since 2023
  • LPG SEVAN - Previously blocked vessel that transported 750,000 barrels to Bangladesh (August-November 2025)
  • GAS ZEINA - Vessel used for multiple LPG shipments to Bangladesh since 2024

Key Details:

  • Action taken under E.O. 13902 targeting Iran's financial and petroleum sectors
  • Network falsely labeled Iranian LPG as Omani-origin to evade sanctions
  • Exchange house maintains contracts with sanctioned banks Bank Tejarat, Bank Mellat, and Bank Pasargad
  • Economic Fury has frozen nearly $500 million in regime-linked cryptocurrency
  • Standard 50% ownership rule applies for entity blocking
  • Whistleblower awards available for enforcement actions exceeding $1 million in penalties