Myanmar junta disguises Iranian jet fuel shipments as diesel
by@Reuters
Summary
In December 2025, a Myanmar-based energy broker, Dynamic Wave, orchestrated a scheme to disguise the import of US-sanctioned Iranian jet fuel by labeling it as South African diesel, as revealed by an exclusive report from Reuters. This deception involved a $15.8 million agreement with Thailand's Tawan-Oil Trading, facilitated by a letter from Myanmar's foreign exchange regulator that authorized the labeling and payment for the shipment. The US imposed sanctions on Myanmar's jet-fuel industry in 2023, citing the military's campaign of airstrikes against civilians, and despite these sanctions, Iran has remained a key supplier of jet fuel to Myanmar.
Analysis
Myanmar: Myanmar is a Southeast Asian country governed by a military junta that seized power in the 2021 coup, leading to ongoing civil conflict and international sanctions. The junta has overseen efforts to procure jet fuel despite US restrictions imposed due to airstrikes on civilians. In this news, Myanmar's foreign exchange regulator authorized mislabeling of Iranian jet fuel shipments to bypass sanctions and facilitated related payments. Dynamic Wave: Dynamic Wave is a Myanmar-based energy broker that handles fuel import contracts for clients including entities linked to the military-backed government. It entered into sham agreements for South African diesel that actually delivered Iranian jet fuel to Myanmar. The broker received regulatory approval for payments and documentation in the described transaction. Tawan-Oil Trading: Tawan-Oil Trading is a Thai company engaged in fuel trading activities, including contracts with Myanmar buyers. It served as the seller in the fictitious diesel agreements that masked deliveries of Iranian jet fuel. UN experts have previously flagged the firm in connection with jet fuel supplies to Myanmar's military. Siam Commercial Bank: Siam Commercial Bank is Thailand’s oldest bank that handles international transactions. The sales contracts directed payments for the Myanmar fuel shipments into an account held by Tawan at this bank. UN reporting has described the bank as a facilitator of Myanmar military-related procurement. Reporting: Justice for Myanmar published a report on Monday detailing the junta's use of mislabeled jet fuel imports obtained from a briefly accessible junta server. Sanctions: The US imposed targeted sanctions on Myanmar’s jet-fuel industry in 2023 due to the military's bombing campaign against civilians. Trade Continuity: Iran has remained Myanmar's primary jet fuel supplier in recent periods, with shipments carried by specific tankers despite sanctions exposure.
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