Panama key to Iran's sanctions-busting oil fleet, watchdog says
A British Royal Navy patrol vessel guards the oil supertanker Grace 1, that's on suspicion of carrying Iranian crude oil to Syria, as it sits anchored in waters of the British overseas territory of Gibraltar, historically claimed by Spain, July 4, 2019.
A US-based watchdog group on Thursday accused Panama of playing a key role in enabling sanctions evasion by Iranian oil tankers while Tehran’s oil ministry announced a significant rise in crude exports.
Turkey's state-owned Halkbank has asked the US Supreme Court to review a lower court decision that allows it to be prosecuted for allegedly helping Iran evade American sanctions, a lawyer for the bank said on Monday.
The Supreme Court had set a Monday deadline for Halkbank to file a petition appealing the October 2024 ruling by the 2nd US Circuit Court of Appeals in Manhattan, which cleared the way for the prosecution.
In a letter to the appeals court, Halkbank's lawyer Robert Cary confirmed the petition had been filed, though it was not immediately available on the Supreme Court's website.
Halkbank has pleaded not guilty to charges of fraud, money laundering, and conspiracy, accused of using money servicers and front companies in Iran, Turkey, and the United Arab Emirates to circumvent US sanctions.
US prosecutors allege that Halkbank facilitated the secret transfer of $20 billion in restricted Iranian funds, converted oil revenue into gold and cash for Iranian interests, and fabricated documentation for food shipments to justify oil proceeds transfers.
The case, initiated in 2019, has strained relations between the US and Turkey, with Turkish President Tayyip Erdogan denouncing it as an "unlawful, ugly" step.
However, both Erdogan and US President Donald Trump reported a productive phone call on Monday, with mutual invitations to visit their respective countries.
It is Halkbank's second appeal to the Supreme Court. In 2023, the court ruled that while the Foreign Sovereign Immunities Act of 1976 shields foreign countries from civil liability, it does not extend to criminal cases.
The Supreme Court then instructed the 2nd Circuit to further examine whether common law immunity protected Halkbank, leading to the October ruling that the bank could be prosecuted.
Trump maintains his so-called maximum pressure campaign against Iran, threatening secondary sanctions and targeting those aiding sanctions evasion, while indirect nuclear talks between the US and Iran continue.
Iranian methanol exports to China could come under US scrutiny after Washington warned of secondary sanctions on Iranian oil and petrochemicals buyers while nuclear talks continue, Bloomberg reported on Tuesday.
About 40% of China’s methanol imports — some 5.2 million tons in 2024 — came from Iran, data from shipping analytics firm Kpler shows.
Methanol, used to produce plastics, is a key feedstock for China’s methanol-to-olefin (MTO) plants, which are major buyers of Iranian cargoes, according to ICIS, a global market intelligence firm.
"Iranian methanol is almost the only efficient way for coastal MTO units to get enough supply," said Ann Sun, senior analyst at ICIS.
US President Donald Trump last week said countries or firms that buy Iranian oil or petrochemicals could face immediate sanctions. The US has already targeted Iranian energy exports and Chinese refineries allegedly involved in such trade.
Although some Iranian methanol reaches China via third countries like the UAE or Oman, further sanctions could disrupt flows.
The latest move by Trump comes as he is squeezing Iran amid ongoing indirect nuclear talks between the US and Iran. They have now passed the third stage and are awaiting the fourth round in Oman.
Iran says that lifting sanctions is a priority in the nuclear talks.
Proposals for a renewed nuclear agreement between the United States and Iran would cap uranium enrichment and expand international oversight, but stop short of dismantling Iran’s nuclear infrastructure, eight sources familiar with the talks told Reuters.
The framework under discussion largely mirrors the 2015 Joint Comprehensive Plan of Action (JCPOA), which was abandoned by President Donald Trump in 2018, but includes stricter inspections, extended timelines, and expanded sunset clauses.
“Essentially, the negotiations are shaping into a ‘JCPOA 2’ with some additions that would allow Trump to present it as a victory, while Iran could still keep its right to enrichment,” said a senior Iranian official.
Under proposals discussed in April, Iran would cap enrichment at 3.67%, in line with JCPOA limits, and allow expanded access to its facilities for the International Atomic Energy Agency (IAEA), three Iranian officials said.
Supreme Leader Ali Khamenei has set a key red line: Iran’s enriched uranium stockpile must not be reduced below levels agreed in 2015. Iran has recently enriched uranium to 60% using advanced centrifuges, far beyond what the JCPOA allowed.
Iran open to uranium exports — even to the US
As part of compromise proposals, Iran could retain a minimal enrichment capacity using 5,000 centrifuges and import additional uranium — possibly from Russia — according to a senior Iranian security official.
Iran now operates around 15,000 centrifuges, compared to the 6,000 permitted under the 2015 deal.
A regional source close to Tehran added that Iran "will keep a portion of it — diluted — inside the country while sending another portion abroad, possibly to Russia.”
According to the same source, Iran has “even floated the idea of selling enriched uranium to the United States.”
Tehran demands guarantees Trump won’t exit deal again
In exchange for limiting enrichment and accepting enhanced inspections, Tehran is seeking firm guarantees that President Trump would not again withdraw from the deal.
“We need watertight guarantees this time,” one Iranian official said. Another noted that deep mistrust remains due to the abrupt US exit in 2018.
Ballistic missile issue remains unresolved
The talks face a major sticking point over Iran’s missile program. Washington wants it addressed in the new agreement, but Iranian officials say their missile development is not up for negotiation.
“Tehran continues to reject any discussion,” said a regional security official. “The problem is that without addressing the missile issue, Trump cannot claim that the new deal goes beyond the JCPOA.”
An Iranian official previously told Reuters that Tehran may offer to refrain from building nuclear-capable missiles as a “gesture of goodwill,” but would not commit to terms exceeding the original 2015 deal.
Israel caught off guard, urges tougher terms
Israeli Prime Minister Benjamin Netanyahu was blindsided by Trump’s decision to resume talks with Iran, learning of the move less than 24 hours before a joint appearance in Washington, four sources familiar with the matter said.
Netanyahu had come to the White House in April seeking support for potential military action and was shocked to discover the US had already scheduled nuclear talks with Iran.
Israel is demanding “zero enrichment” and a Libya-style deal that would dismantle Iran’s entire nuclear infrastructure. The current proposals fall short of those expectations.
Pierre Poilievre, a contender to become Canada’s next prime minister, has vowed to purge the country of “IRGC thugs” who, he says, feast on “stolen money from the Iranian people.” If elected on Monday, will he—or can he—deliver?
Poilievre asserted recently that about 700 operatives and affiliates of the Islamic Revolutionary Guard Corps (IRGC), which Canada has designated as a terrorist entity, must be tracked down and expelled.
But this was nothing new. He had expressed similar views in many speeches and interviews before. So what is different this time? How could rhetoric translate into action beyond gestural politics, built on a tenuous perception of Canada’s strategic leverage?
Poilievre and his caucus appear to have presumed that IRGC operatives would vanish the moment Canada listed the group.
Last June, when reports broke hours before the announcement, they erupted in a frenzy, lamenting the leak as if operatives were standing by the door moving assets in anticipation. Yet once the dust settled, everyone returned to their routines, leaving the world undisturbed.
With bells tolling for the Liberals after a lost decade, and the Conservatives hoping to be incoming sheriffs, they must face a deeper reality. Tehran’s reach is not a statistic but a network resistant to rhetoric. Something beyond grandstanding is inevitable.
The Myth of 700
First, one must ask: where did the 700 figure originate?
It came from an independent effort by a coalition named Stop IRGC, aimed at identifying those affiliated with the Islamic Republic who settled in Canada through legal channels. While notable, it was not government-backed and lacked security resources for verification. No intelligence assessment, inquiry, or briefing has substantiated it.
Poilievre nonetheless repeated it as fact, reducing complexity to a tally shaped by partisan urgency.
Mahmoudreza Khavari, senior Iranian official in Tehran (left) and Canada
I do not, for a second, believe the IRGC’s presence ends there. Years of inaction have turned lingering suspicion into undeniable reality. Activists, whether living in Canada or passing through, must now calculate their security risks.
Nor did operatives scramble to flee upon the listing. For Tehran’s fortune-brokers, Canada was never an obstacle. Even when the Conservative government had a chance over a decade ago to act against Mahmoud-Reza Khavari—a top Iranian banker who financed the IRGC’s missile program, embezzled billions, and fled to Canada—it turned a blind eye.
The regime and its IRGC presence are the product of sustained drift, allowing influence to fester across levels and seep into corners.
Beyond numbers: a real plan
Poilievre and his allies must recognize that strategy cannot rest on recital. A committed resolve is the only way to dismantle the IRGC’s hold. The Liberals never had one; when superficial action was taken, it collapsed under contradictions, punishing the wrong people.
A two-pronged strategy, I propose, is required to deal with the problem. First, focus on critical entities: IRGC and Basij members, operatives posing as civilians, financial networks, propaganda arms, and regime-linked organizations. Second, avoid actions that unjustly impact innocents.
A real strategy recognizes that IRGC operatives do not arrive in bloodstained green uniforms. They come as businessmen, investors, and tourists, traveling freely from the land they loot to the land where they hoard.
Any action has to hinge on the recognition that the IRGC and the Iranian state are one—indistinguishable in form, inseparable in purpose.
It is alarming that last December, an IRGC-affiliated news agency boasted of a “private sector” bypassing sanctions, especially in Canada. Individuals from a Canadian-registered nonprofit were interviewed on “innovative solutions” to do so.
This same group hosts webinars on exporting oil, gas, and petrochemical products, claiming collaboration with Iran’s Ministry of Industry—whose officials are sanctioned and banned from entering Canada for human rights violations.
Collaboration with entities sustaining the power structure of the Islamic Republic cannot be permitted under the pretense of legitimacy. Targeting the theocracy means little if you enable the institutions that sustain it.
Tehran’s playbook has long capitalized on Canada’s strategic vulnerability. The story is not about mythical figures who once slipped through. It is about a decades-old infiltration campaign that has unsettled our foundations from within.
Has Poilievre assigned the color of his cards before the real test calls?
Poilievre’s true test
If the Conservatives take power, let them not chase ghosts. Let them identify a handful of real, high-profile regime and IRGC operatives, transparently held accountable in full view of the public. That alone would shake Canada’s quiet standing as a sanctuary for tyranny’s enforcers more than any grand arithmetic of slogans.
The duplicity of senior Iranian officials in Canada offers a case study in calculated deceit—silencing hearings, disclaiming crimes, vanishing when accountability nears. Sadly, even rare breakthroughs fade under a Liberal establishment where secrecy lingers and accountability bends.
For any future leadership to set a real precedent, groundwork must begin before power is seized. Not hours before a designation. Not weeks into a mandate.
As a powerful voting bloc, the Iranian-Canadian community appears to be moving towards the Conservatives to turn the page on staged politics. For years, those in charge sold them a political vaudeville called a pie in the sky on Canada’s political Broadway.
If Poilievre plans to peddle another ticket to the same tired show, he should know: not a single seat will be sold. No more.
Iran’s foreign ministry said on Monday that any agreement with the US must respect Tehran’s key demands, including the continuation of uranium enrichment inside the country and the effective lifting of sanctions.
Foreign Ministry spokesman Esmail Baghaei told reporters at his weekly press briefing that the upcoming talks — expected to be chaired by Iran’s foreign minister and the US special envoy — follow an understanding reached in Muscat.
Baghaei stressed that Iran’s fundamental negotiating principles remain unchanged. "Entering the details of any negotiation must be within the framework of broad outlines agreed upon by both sides," he said.
"Uranium enrichment inside the country and the effective removal of sanctions are Iran’s red lines and will be pursued with seriousness."
On the ongoing visit of an International Atomic Energy Agency (IAEA) technical team, Baghaei said the discussions would focus purely on technical issues and pending safeguarding matters.
"The visit of the IAEA technical delegation is a continuation of the discussions that took place between the Director General (Grossi) and Iranian officials, and today they will have talks with officials of the Atomic Energy Organization, and it is only technical. The discussion will be about the remaining safeguards issues,” he said.
Following the conclusion of the third round of nuclear talks in Oman on Saturday, Iran's foreign minister said IAEA experts might join the next round of talks on Saturday.
Visiting Tehran earlier in April, IAEA Chief Rafael Grossi said his agency could help achieve a positive outcome in the negotiations.
Last week, speaking at the US-based think tank Council on Foreign Relations, Grossi said Iran has enough enriched uranium to produce several nuclear warheads and could do so within months.
In 2018, Trump withdrew the US from a 2015 nuclear pact between Iran and major world powers, leading Iran to subsequently surpass that deal's uranium enrichment limits and limit the IAEA's oversight.
In February, the IAEA released a report saying the current situation is concerning as Tehran is enriching uranium to up to 60% purity, near weapons grade. Tehran has long denied seeking nuclear weapons.
Baghaei also addressed the role of European nations in the nuclear talks. "We hope the Europeans will play a constructive role," he said, adding that Iran’s continued engagement with neighboring countries and other JCPOA participants signals the Islamic Republic's good will.
When asked about the decision to exclude three European parties of the JCPOA from the talks, Baghaei said, "That was their own choice... Iran stands ready for European nations to play a role in these discussions.”
He criticized US pressure tactics beyond Iran, saying, "The maximum pressure policy is not limited to Iran; it is being pursued against other countries like China and disrupts free trade. It ultimately violates the human rights of individuals subjected to sanctions."
US President Donald Trump has threatened to bomb Iran if it does not agree to a new nuclear deal and on Sunday night, Israeli PM Benjamin Netanyahu said: "We are in close contact with the United States. But I said, one way or the other, Iran will not have nuclear weapons."
Baghaei responded to the threats saying: "Any adventurism against Iran will face a crushing response. Western countries, especially those continuing to support this regime [Israel], must understand they are assisting an entity whose survival depends on crisis."
Baghaei confirmed that the next round of talks is planned for Saturday, warning that the process will not be fast. "Entering technical issues is time-consuming and an inseparable part of negotiations," he said. "We have said that we are serious."
He emphasized that sanctions relief must be comprehensive and includes Tehran’s access to its assets blocked in foreign banks due to US sanctions. "Effective termination of sanctions is a key term that must include a diverse set of commitments. Ensuring free access to Iran’s resources and assets is our right."
The organization United Against Nuclear Iran (UANI) said 17% of a fleet of vessels it suspects of smuggling sanctioned Iranian oil are currently flying the Panamanian flag.
In a statement, UANI described Panama’s maritime registry as the “most commonly used national registry among this shadow fleet,” citing tactics such as flag-hopping, fake ownership records, and manipulation of automatic identification systems (AIS).
“Panama has long been the flag of choice for sanctions violators and oil smugglers,” said UANI CEO Mark D. Wallace. “We’ve repeatedly provided the AMP [Panama Maritime Authority] with names, evidence, and warnings. Their lack of consistent, proactive enforcement continues to undermine global sanctions compliance.”
UANI’s tanker tracker lists 542 foreign-flagged vessels suspected of involvement in sanctioned oil shipments from Iran.
Following mounting pressure, Panama in March deregistered 107 vessels and is currently reviewing 18 more, acting under Executive Decree No. 512, which allows authorities to remove ships owned by sanctioned entities from its registry.
The allegations come as Iranian officials publicly celebrate rising energy production and oil exports.
Oil Minister Mohsen Paknejad, speaking during the inauguration of Iran’s 29th Oil, Gas, Refining and Petrochemical Exhibition in Tehran, said the country has boosted oil output by 150,000 barrels per day under the current administration, with daily gas production up 30 million cubic meters and petroleum refining capacity growing by 180,000 barrels per day.
Paknejad added that gasoline and diesel output has increased by 7 million and 8 million liters per day, respectively, despite what he called intensifying sanctions. “Oil exports are continuing at the highest possible level,” he said.
He added that Iran plans to complete over 30 major oil and gas projects by March 2026, representing $10 billion in investment, which he said will further raise daily oil production by 250,000 barrels and gas by 30 million cubic meters.
He also said Iran needs over $20 billion in annual funding to maintain and expand production, adding that the ministry is pursuing innovative financing tools and encouraging greater private sector participation to meet these goals.
While Iran has not publicly addressed the UANI report, it has consistently rejected the legality of unilateral US sanctions and insists that its energy exports comply with international law.
The Panama Maritime Authority has not yet responded to the latest allegations. However, officials have previously defended their compliance with international norms, citing recent regulatory changes intended to strengthen enforcement.
In spite of sanctions, Iran's oil sales have continued to grow in recent years.
In October, the Energy Information Agency (EIA) in the US reported that Iran's oil sales reached $144 billion in the first three years of the Biden administration, $100 billion more than what Tehran exported in the last two years of the Trump administration when the oil sanctions were in effect.
In March, the US seized multiple Iranian oil tankers in the Persian Gulf which were using forged Iraqi documents.
Speaking on state television, Iraq's Oil Minister Hayan Abdel-Ghani said: "We received some verbal inquiries about oil tankers being detained in the Persian Gulf by US naval forces carrying Iraqi shipping manifests.
"It turned out that these tankers were Iranian ... and were using forged Iraqi documents. We explained this to the relevant authorities with complete transparency and they also confirmed this."