A newly identified operation, known as the Shayan Network, is reportedly linked to the Iranian Intelligence Ministry. The network is engaged in the export of millions of barrels of crude oil, despite existing sanctions imposed by the United States.
The operation utilizes a network of intermediaries and front companies located in the UAE, Hong Kong, and China. These middlemen employ shadow fleet tactics, including ship-to-ship transfers, to conceal the origin of the oil before delivery to buyers, primarily in China.
Members of the Shayan Network reportedly owe billions of dollars from previous oil transactions. This issue of unreturned revenue is a recurring challenge for Tehran, reminiscent of the case of Babak Zanjani, where unrecovered funds exceeded $200 million.
The US Treasury has previously sanctioned numerous entities and vessels associated with the Shamkhani network, which also transported millions of barrels of crude and liquefied petroleum gas. Iranian oil continues to trade at a discount due to these legal and logistical risks.
