The sanctions primarily target a fleet of more than 50 container ships and tankers specializing in transporting crude oil and petroleum products from Iran and Russia to global markets, generating tens of billions of dollars in revenue.

The US State Department also announced sanctions on an additional 20 entities and 10 shipping vessels, including companies based in India, Indonesia, Turkey, and the UAE, accusing them of involvement in Iran’s oil trade.

This is the largest ever sanctions since the Trump administration launched its "maximum pressure" campaign on Iran.

Responding to the US’s move, Iranian Foreign Ministry spokesperson Esmaeil Baghaei criticized the new sanctions, calling them a blow to Iran’s economic development and the well-being of its people.