U.S. investigating ABN Amro in multi-billion dollar Iranian oil sanctions case: Report

The U.S. Department of Justice is investigating several banks, including ABN Amro, for possible violations of international sanctions by an Iranian oil magnate, according to sources cited by Bloomberg. The magnate is said to have exploited multiple banks to facilitate the activity.

Sources say the probe centers on billions of dollars in transactions between companies controlled by Hossein Shamkhani, son of a senior adviser to Iranian leader Ali Khamenei. It remains uncertain whether formal charges will be filed.

The investigation also involves JPMorgan Chase, Standard Chartered, and banks in the United Arab Emirates (UAE). Sources say, however, that the main focus is on Shamkhani rather than the financial institutions themselves.

ABN Amro and the other banks named chose not to comment to Bloomberg. UAE-based institutions stated that they had received no communication from the U.S. Department of Justice.

The sanctions announced by the U.S. Department of the Treasury in July 2025, aimed at the network of Shamkhani (also called “Hector”), involved more than 50 vessels, 15 shipping firms, and dozens of entities located across 17 countries.

The network was described by U.S. Treasury officials as moving Iranian and Russian oil via a “shadow fleet” of tankers and containerships, generating “tens of billions of dollars in profit.”

The European Union has also imposed sanctions on Shamkhani and his affiliate companies as part of its strategy to cut off revenue channels feeding Tehran’s regime and Russia’s oil‑trade evasion efforts.