Bradley T. Smith

Stories

Treasury targets 29 Iran “shadow fleet” ships, turning tanker logistics into a sanctions minefield

Signed General Licenses X, X1, and Z — governing the brief rise and collapse of temporary sanctions relief tied to the Islamabad MOU

Treasury's December 2025 shadow fleet designations were the opening move in a campaign that escalated into war. The U.S. and Israel launched Operation Epic Fury on February 28, 2026, hitting Iran's nuclear facilities and military infrastructure; Treasury ran a parallel Economic Fury financial campaign through spring 2026. On June 17, Trump and Pezeshkian signed the Islamabad Memorandum, and OFAC issued General License X five days later, authorizing Iranian oil transactions through August 21.

Updated Jul 17

Washington keeps two quiet Russia loopholes open: Japan’s Sakhalin-2 oil and the nuclear fuel money pipe

Rule Changes

Signed the December 17, 2025 general licenses extending Sakhalin-2 and civil nuclear authorizations

Sanctions are supposed to close doors. On December 17, the U.S. quietly propped two doors back open again, even as it slammed others shut. One narrow lane keeps Sakhalin-2 crude flowing to Japan; the other preserves financial channels for civil nuclear projects, even when payments touch sanctioned Russian banks—both running through June 18, 2026.

Updated May 15