The US Treasury Department has announced sanctions on more than 30 individuals and ships involved in the sale and transportation of Iranian Oil and petroleum products as part of Tehran’s “covert maritime fleet.”
According to the Treasury Department, these sanctions target oil brokers in the United Arab Emirates (UAE) and Hong Kong, tanker operators and managers in India and China, the head of Iran’s National Oil Company, and the Iranian Oil Terminals Company, all of whom play a role in the Iranian Oil trade.
In a statement, the department said these companies had authorized ships to transport millions of barrels of Iranian Oil, valued at millions of dollars.
Treasury Secretary Scott Bessent stated, “Iran has relied on a vast network of covert ships, shippers, and brokers to facilitate Iranian Oil sales and fund its destabilizing activities.”
These new sanctions are part of the Biden administration’s imposed restrictions on Iranian Oil exports.
Such sanctions target key sectors of the Iranian economy, aiming to cut off government funding for its nuclear and missile programs, which are often financed through Iranian Oil revenues.
This action generally prohibits any US individuals or entities from conducting business with the sanctioned individuals involved in the Iranian Oil trade and freezes any of their assets under US jurisdiction.
