US adds Iranian shipping network to sanctions list

WASHINGTON (AP) — An Iranian shipping network has been added to a list of entities targeted by U.S. sanctions as part of a Trump administration to increase economic pressure on the Islamic Republic.

The U.S. Treasury Department says the shipping network is controlled by Iran’s Revolutionary Guard and is used to ship hundreds of millions of dollars’ worth of oil, mostly to Syria.

U.S. officials say Iran uses proceeds from the sale to fund groups such as Hezbollah that destabilize the Middle East.

Treasury Secretary Steve Mnuchin said in announcing the designation Wednesday that any companies or individuals conducting transactions with the shipping network could be exposed to punishing U.S. financial measures.

The U.S. singled out India-based Mehdi Group for providing crews and vessels used by the network.