Month: February 2026

The United States Department of the Treasury announced a fresh wave of sanctions Wednesday, targeting more than 30 individuals, companies and vessels accused of helping Iran generate oil revenue and advance its missile and weapons programs.

The measures, issued by the Treasury’s Office of Foreign Assets Control (OFAC), focus heavily on Iran’s so-called “shadow fleet” — aging tankers that move sanctioned crude using opaque ownership structures and minimal insurance. Twelve ships were named, including the Hoot, Ocean Koi, North Star, Felicita, Ateela 1, Ateela 2, Niba, Luma, Remiz, Danuta 1, Alaa and Gas Fate, along with their operators. U.S. officials say the vessels have transported hundreds of millions of dollars’ worth of Iranian petroleum and petrochemical products.

Several maritime and trading firms in Europe and the Middle East were also blacklisted, as were networks in Iran, Turkey and the United Arab Emirates accused of securing precursor chemicals and sensitive equipment tied to weapons manufacturing. Among the entities cited were Qods Aviation Industries — previously sanctioned — and companies allegedly involved in drone production for Iranian military branches and overseas buyers. Four individuals connected to Qods Aviation Industries were included in the action.

Treasury Secretary Scott Bessent said in a statement: “Iran exploits financial systems to sell illicit oil, launder the proceeds, procure components for its nuclear and conventional weapons programs and support its terrorist proxies. Treasury will continue to put maximum pressure on Iran to target the regime’s weapons capabilities and support for terrorism, which it has prioritized over the lives of the Iranian people.”

The sanctions block any U.S.-based assets tied to those listed and prohibit American citizens and companies from conducting business with them. While many of the targets are unlikely to hold U.S. funds, the move reinforces Washington’s broader economic pressure campaign.

The action comes as President Donald Trump ramps up pressure on Tehran ahead of renewed nuclear talks in Geneva, mediated by Oman. Tehran maintains its nuclear work is for peaceful energy purposes. However, prior to recent U.S. strikes on three nuclear sites, Iran had enriched uranium to 60% purity — a technical step below weapons-grade levels.

The Trump administration has bolstered its military presence in the Middle East and warned of potential force if Iran refuses to curb its nuclear ambitions. In his State of the Union address, Trump reiterated that Iran must not obtain a nuclear weapon, saying, “We wiped it out and they want to start all over again. And they’re at this moment again pursuing their sinister ambitions,” and adding, “We are in negotiations with them. They want to make a deal, but we haven’t heard those secret words: We will never have a nuclear weapon.”

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Former U.S. Treasury Secretary Larry Summers announced that he will leave his faculty and academic roles at Harvard University at the close of the academic year,  as scrutiny continues over his past association with disgraced financier Jeffrey Epstein. The Harvard Crimson was first to report the news of Summers resignation.

Summers, who has been on leave since November, is retiring from his professorship and relinquishing his position as co-director of Harvard’s Mossavar-Rahmani Center for Business and Government. A university spokesperson said that the decision was made “in connection with the ongoing review by the University of documents related to Jeffrey Epstein that were recently released by the government.”

In a statement, Summers said, “I have made the difficult decision to retire from my Harvard professorship at the end of this academic year,” adding, “I will always be grateful to the thousands of students and colleagues I have been privileged to teach and work with since coming to Harvard as a graduate student 50 years ago.” He also said that, after retiring, he hopes to return eventually to research and commentary on global economic issues.

Summers, who led Harvard from 2001 to 2006, previously served as Treasury secretary under President Bill Clinton from 1999 to 2001. He later worked as director of the National Economic Council during the administration of Barack Obama from 2009 to 2011.

His departure follows the release of emails and other materials from Epstein’s estate by the House Oversight Committee and the Justice Department. While Summers has not been accused of criminal wrongdoing, the documents revealed that Summers remained in contact with Epstein for years, including after Epstein’s 2008 guilty plea in Florida on charges related to soliciting a minor (but before his 2019 arrest on federal sex trafficking charges). Flight logs show Summers traveled multiple times on Epstein’s plane, and Harvard received millions of dollars in donations from Epstein before that plea.

In November, Summers said he was “deeply ashamed” of maintaining communication with Epstein and announced he was stepping back from public engagements. He resigned from several outside roles, including the board of OpenAI and advisory positions at major media and financial institutions. He was also barred for life from the American Economic Association.

Epstein died by suicide in a New York federal jail in 2019. Despite scrutiny, there is no public evidence linking Summers to any of Epstein’s crimes, and no survivors have accused him of misconduct.  Harvard has not disclosed details about Summers’ departure package or whether termination was considered. For now, he will remain on leave and will not teach or take on new students before his retirement becomes official.

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