EU Sanctions Iranian Oil Trader and Firms in Latest Crackdown on Russian Oil Revenue

The European Union has targeted Hossein Shamkhani, an Iranian oil trader with ties to Russia's shadow fleet, in its 18th sanctions package aimed at choking off financial support for the Kremlin's war efforts. His Dubai-based companies, Admiral Group and Milavous Group Ltd, were explicitly named as key players in facilitating covert oil transfers.

Brussels made its stance clear: "Hossein Shamkhani is involved in an economic sector providing a substantial source of revenue to the Government of the Russian Federation." The MOVE directly implicates Iran in sustaining Moscow's oil exports despite Western restrictions.

The sanctions package goes beyond individual actors. Approximately 20 Russian banks face SWIFT exclusions and full transaction bans, while permanent sanctions on Nord Stream pipelines eliminate any possibility of reviving the defunct gas route. The EU also adjusted its oil price cap mechanism, shifting from a fixed $60/barrel to a floating rate.