The United States announced expanded sanctions on Friday targeting Iran’s oil and petrochemical industries in response to Tehran’s October 1 missile attack on Israeli military sites. The sanctions focus on companies and vessels involved in the sale and transport of Iranian oil, aiming to cut off financial support for Iran’s missile programs and its regional militant allies.
The U.S. Treasury Department designated 10 companies and 17 vessels as “blocked property” for their involvement in shipping Iranian oil, particularly targeting what officials call Iran’s “ghost fleet” of ships that evade international sanctions. The State Department also sanctioned six entities and six vessels, accusing them of conducting significant transactions related to Iran’s petroleum trade.
National Security Adviser Jake Sullivan said these sanctions are designed to further limit Iran’s ability to fund its missile programs and support terrorist groups that threaten the U.S. and its allies. “These measures will help further deny Iran the financial resources it uses to perpetuate conflict throughout the Middle East,” Sullivan stated.
The sanctions directly respond to Iran’s missile strike on Israel, which followed Israeli airstrikes in Lebanon and Gaza that reportedly killed senior Hamas and Hezbollah figures. Israeli officials have vowed a strong counter-response, while the U.S. continues to support Israel both diplomatically and militarily.
U.S. Secretary of State Antony Blinken noted that the sanctions are part of broader efforts to cut off revenue streams funding Iran’s nuclear and missile development programs. “We are taking steps today to disrupt the flow of revenue the Iranian regime uses to support its malign activities,” Blinken said, reiterating the U.S. commitment to holding Iran accountable for its actions.
Despite previous sanctions, Iran’s oil exports have grown in recent years, largely due to evasion tactics and increased sales to China. U.S. officials, however, have pledged to tighten enforcement using satellite monitoring of ships and diplomatic efforts with countries like Malaysia and the United Arab Emirates to reduce the trade.
The newly imposed sanctions freeze any U.S.-based assets of the targeted companies and vessels and prohibit Americans from conducting business with them. The move is part of the Biden administration’s broader strategy to limit Iran’s ability to finance destabilizing activities in the region, including its support for groups like Hezbollah and Hamas.
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