The United States imposed a fresh round of sanctions targeting Iran's oil industry on Monday, hitting more than 30 brokers, tanker operators, and shipping companies for their role in selling and transporting Iranian petroleum, the Treasury Department said.
The announcement comes as US President Donald Trump seeks to bring Iran's crude exports to zero to prevent the country from obtaining a nuclear weapon, and builds on the layers of sanctions already imposed by his government and the previous Biden administration.
"Iran continues to rely on a shadowy network of vessels, shippers, and brokers to facilitate its oil sales and fund its destabilizing activities," said Treasury Secretary Scott Bessent in a statement. "The United States will use all our available tools to target all aspects of Iran's oil supply chain, and anyone who deals in Iranian oil exposes themselves to significant sanctions risk," he added.
The new sanctions target oil brokers in the United Arab Emirates and Hong Kong, tanker operators and managers in India and China, the head of Iran's National Iranian Oil Company, and the Iranian Oil Terminals Company, Treasury said. The Iranian Oil Terminals Company oversees all operations at Iran's oil terminals, including Kharg Island Oil Terminal, through which a majority of Iranian oil flows, and South Pars Condensate Terminal, which accounts for 100% of Iran's gas condensate exports, according to Treasury.
China does not recognise US sanctions and Chinese firms buy the most Iranian oil. China and Iran have built a trading system that uses mostly Chinese yuan and a network of middlemen, avoiding the dollar and exposure to US regulators.
The Paris-based International Energy Agency believes Saudi Arabia, the United Arab Emirates and other OPEC members have spare capacity to make up for any lost exports from Iran, also an OPEC member
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ