NEW FUSION
Panama-flagged oil products tanker added to OFAC SDN list on 1 May 2026 for Iran sanctions evasion.
Last refreshed: 2 May 2026 · Appears in 1 active topic
Why was NEW FUSION added to the OFAC SDN list alongside Bonyad Mostazafan?
Timeline for NEW FUSION
Added to Iran SDN list as first named vessel for toll-related evasion
Iran Conflict 2026: OFAC issues GL-W on same Friday- Why was the tanker NEW FUSION sanctioned by OFAC?
- NEW FUSION was designated to the OFAC SDN list on 1 May 2026 for involvement in Iran sanctions evasion, named in OFAC's General Licence W announcement alongside Iranian foreign exchange houses as part of enforcement action under E.O. 13902 and E.O. 13224.Source: OFAC
- What does being on the SDN list mean for a tanker?
- An SDN-listed vessel cannot transact with US persons, is blocked from US-linked insurance markets, and faces port-access restrictions at major hubs that comply with US sanctions. Ship-to-ship transfers involving the vessel become legally risky for third parties.
- What is General Licence W issued by OFAC?
- OFAC General Licence W, issued 1 May 2026, authorises specific humanitarian transactions while simultaneously designating NEW FUSION and three Iranian foreign exchange houses to the SDN list, and identifying prohibited Hormuz toll payment channels.Source: OFAC
Background
NEW FUSION is a Panama-flagged oil products tanker designated to the US Office of Foreign Assets Control (OFAC) Specially Designated Nationals (SDN) list on 1 May 2026, as part of a broader sanctions package targeting Iran's ability to circumvent the Strait of Hormuz Toll System. The vessel was named alongside three Iranian foreign exchange houses in OFAC's General Licence W announcement, which also identified Bonyad Mostazafan and Iranian embassy accounts as prohibited channels for Hormuz toll payments under E.O. 13902 and E.O. 13224.
Oil products tankers operating under Panama or other flags of convenience have been a consistent sanctions-evasion vector in the Iran conflict, moving refined petroleum products or crude between intermediary ports to obscure Iranian origin. Designation to the SDN list prohibits US persons from transacting with the vessel and can block it from major ports, insurance markets, and ship-to-ship transfer anchorages that serve US-aligned financial systems.
The NEW FUSION designation is part of Washington's effort to close off Iran's alternative payment and shipping channels as Ceasefire negotiations continue. The vessel's designation signals that OFAC is targeting not just major tanker fleets but individual vessels acting as conduits for sanctioned Iranian funds or cargo.
