The US has intensified sanctions on Iran’s petroleum and petrochemical sectors to curb the regime’s energy revenue, targeting Iran’s ghost fleet of oil tankers in response to its direct attacks on Israel.
The US Department of the Treasury, in coordination with the State Department, has leveraged Executive Order 13902 to target a broader range of activities related to Iran’s trade in these sectors.
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This move aims to cut off financial resources that could support Iran’s nuclear programme, missile development, and terrorist networks.
The Office of Foreign Assets Control (OFAC) has designated 10 entities across various jurisdictions and identified 17 vessels as blocked property, under Executive Order 13846, due to their involvement with the National Iranian Oil Company (NIOC) and Triliance Petrochemical.
Additionally, the State Department has sanctioned six entities and identified six vessels for engaging in significant transactions involving Iranian petroleum products. These actions target a substantial portion of the fleet and operators facilitating Iran’s petroleum exports.
Treasury Secretary Janet Yellen said: “Today’s sanctions target Iranian efforts to channel revenues from its energy industry to finance deadly and disruptive activity—including development of its nuclear program, the proliferation of ballistic missiles and unmanned aerial vehicles, and support to regional terrorist proxies—with dangerous consequences for the region and the world. We will not hesitate to take further action to hold Iran accountable.”
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By GlobalDataThe sanctions align with the Stop Harboring Iranian Petroleum Act (SHIP Act), part of the Emergency Supplemental Appropriations for the 2024 Fiscal Year, which imposes sanctions against foreign persons involved in the trade of petroleum originating in Iran.
Max Maritime Solutions FZE, based in the UAE, has been identified for managing vessels conducting ship-to-ship transfers of Iranian oil, often ending up in Chinese refineries.
The vessels BENDIGO, CARNATIC, and SALVIA, managed by Max Maritime, are now identified as blocked property.
Similarly, Cathay Harvest Marine Ltd, Elza Shipping SA, Jazira Das International Oil Products Trading, Harry Victor Ship Management and Operation, Rita Shipping, Derecttor, Delnaz Ship Management Sdn Bhd, Diamante Tankers d, and Davina Shipping have been designated for their roles in supporting NIOC’s operations and are now facing sanctions.
