US Sanctions Regime on Iran
OFAC and the Maximum Pressure Architecture
The US Treasury's Office of Foreign Assets Control (OFAC) administers a comprehensive sanctions programme against Iran that has been in place in various forms since 1979. The sanctions target Iran's oil and gas revenues, which fund its government and, the US argues, its weapons programmes. Iran Sanctions Acts and executive orders prohibit third-country entities from purchasing Iranian oil, threatening secondary sanctions.
- Secondary sanctions mean even non-US companies can face US penalties for transacting with Iran — this is what has kept most international buyers away from Iranian crude.
- Under the Trump administration's "maximum pressure" policy (2018 onwards), OFAC sanctioned Iranian oil exports sharply, cutting Iran's exports from ~2.5 million bpd to under 500,000 bpd at their lowest.
- China has continued importing Iranian oil through unofficial channels (dark fleet tankers) in defiance of US secondary sanctions.
- Waivers under OFAC can be issued as Specific Licenses or General Licenses — allowing targeted relief without full lifting of sanctions.
● Tracked since March 20, 2026 · last seen April 25, 2026 · updates as the daily brief publishes
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