SAN FRANCISCO - The US Department of the Treasury's Office of Foreign Assets Control (OFAC) on Wednesday announced massive sanctions against some individuals, entities and vessels allegedly linked to an Iranian oil-shipping network.

The package is designating "more than 50 individuals and entities and identifying more than 50 vessels," the Treasury Department said in a press release.

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"This network transports oil and petroleum products from Iran and Russia, as well as other cargo, to buyers around the world," the press release noted.

It is the largest Iran-related sanctions package since 2018. "The over 115 sanctions issued today are the largest to-date since the Trump Administration implemented our campaign of maximum pressure on Iran," said US Treasury Secretary Scott Bessent.

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The action was taken pursuant to Executive Order 13902, which targets those operating in certain sectors of the Iranian economy. It is also in furtherance of Treasury's implementation of National Security Presidential Memorandum 2, instituting a campaign of maximum economic pressure on Iran, said the press release.

The US Department of State is concurrently designating 20 entities and identifying 10 vessels as blocked property for their involvement in the trade and transport of Iranian petroleum and petrochemical products.