How purchases of sanctioned Iranian jet fuel were disguised by Myanmar
Reef carried sanctioned jet fuel from Iran to Myanmar, according to records of fuel shipments to Myanmar, as well as satellite images and analysis by SynMax Intelligence.
In December 2025, a US-sanctioned tanker named Reef reached Myanmar's waters carrying around 113,000 barrels of fuel. The fuel was disguised under false documentation, as Myanmar-based energy broker Dynamic Wave had agreed to purchase a similar amount of South African diesel from Thailand's Tawan-Oil Trading. However, according to Reuters' view of the $15.8 million deal, there was no actual trade between South Africa and Myanmar in 2025.
Instead, the tanker was transporting Iranian jet fuel to Myanmar, as evidenced by fuel shipment records, satellite images, and analysis by SynMax Intelligence. This deception was necessary due to US sanctions imposed in 2023 on Myanmar's jet-fuel industry, which targeted the country's military for its bombing campaign against civilian targets.
Myanmar's military junta played a role in this scheme, as the foreign exchange regulator in Myanmar informed Dynamic Wave and its client, National Energy Prime Aviation Services Company, that the delivery would be labeled as diesel instead of jet fuel. Neither Dynamic Wave nor its client responded to questions about the fuel shipment.
This case highlights the reach and limitations of US sanctions, as Iranian jet fuel continued to flow, providing Tehran with foreign currency and fuel for Myanmar's aviation and air raids.
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