NSPM‑2 (National Security Presidential Memorandum 2), issued Feb 4, 2025, directs a U.S. “maximum pressure” policy on Iran: deny Iran all paths to a nuclear weapon, curtail its missile and malign regional activities, and—by directing agency action—drive Iranian oil exports toward zero, tighten sanctions enforcement, rescind or modify waivers, strengthen export controls, and coordinate diplomatic isolation of Iran.
Executive Order 13902 (Jan 10, 2020) authorizes blocking (asset‑freezing) and U.S. sanctions targeting persons operating in specified Iranian sectors (including later determinations covering petroleum/petrochemicals). It is issued under IEEPA and the National Emergencies Act and authorizes the Secretary of the Treasury to block property, impose restrictions on foreign financial institutions (correspondent/payable‑through accounts), and promulgate implementing regulations and licensing guidance.
Iran’s “shadow fleet” is a set of tankers and LPG/commodity vessels used to disguise Iranian oil and gas exports—by turning off AIS tracking, changing ship names/registry, ship‑to‑ship transfers, false documentation, and use of front companies and deceptive commercial paperwork—to evade sanctions and detection.
The U.S. action on Jan. 23, 2026 sanctioned eight entities and nine vessels; the full, named list is in the Treasury/OFAC press release and sanctions list accompanying the announcement (see Treasury/OFAC press release and the State Department statement for links).
Effects are likely limited but measurable: U.S. secondary sanctions on shadow‑fleet traders can reduce Iran’s export channels, tightening supply that can raise short‑term price risk for specific cargoes (and LPG) and make procurement harder for Iranian domestic markets; broader global price effects depend on existing spare capacity, alternative suppliers (e.g., Russia/Saudi/Emirates), and buyer behavior—most analysts expect localized shortages and higher costs for Iranians, and only modest, temporary global price impact unless sanctions cascade.
Treasury/OFAC enforces EO 13902 sanctions using tools such as: designation and listing on OFAC’s SDN/blocked‑persons lists (blocking U.S. property and prohibiting U.S. persons from dealing with listed parties); secondary sanctions targeting foreign financial institutions (correspondent/payable‑through account restrictions); fines, asset seizures, criminal referrals to DOJ, penalties for sanctions‑evasion facilitation, and guidance/industry advisories (shipping, insurance, ports) to deter third‑party facilitation.