The US Treasury has imposed sweeping sanctions on 115 Iran-linked individuals, companies and vessels, in its largest action against Tehran since 2018, reported Al Jazeera.

The sanctions target 52 vessels and 15 shipping firms allegedly controlled by Mohammad Hossein Shamkhani, son of senior Iranian adviser Ali Shamkhani. The network reportedly transports oil and goods from Iran and Russia to global buyers, generating tens of billions of dollars.

Treasury Secretary Scott Bessent said the Shamkhani family uses front companies and foreign passports to evade scrutiny and fund Iran's "dangerous behaviour." The sanctions span 17 countries, including Panama, Italy and Hong Kong, according to Reuters.