US imposes new sanctions on Iranian oil and petrochemical networks
The United States on Friday announced a new package of sanctions on Iranian oil and petrochemical networks as part of its ongoing "maximum pressure" campaign. The measures were presented in New York by the State Department and are aimed at what officials described as Iran's illicit oil economy.
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State Department Spokesperson Thomas Pigott said the actions are designed to systematically deny the Iranian regime the revenue streams it relies on to finance military expansion and destabilising regional activities. He said the department is targeting the key entities, individuals, and maritime vessels that support Tehran's oil and petrochemical transport network.
The State Department said it is imposing sanctions on eight entities and identifying eight vessels as blocked property because of their direct involvement in transporting Iranian petroleum and petrochemical products. It is also designating three entities and one individual linked to the trade and facilitation of those commodities.
Pigott said the measures build on Thursday's Treasury sanctions against critical actors in a large Iranian oil sales network that moved millions of barrels of oil worth billions of dollars. The department said the network used front companies based in Hong Kong to manage clandestine storage, shipping, and sales operations.
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The US government said these revenue streams fund the Islamic Revolutionary Guard Corps and the Armed Forces General Staff. The Rewards for Justice Programme also maintains a standing reward of up to $15 million for information that helps disrupt the financial mechanisms supporting the IRGC and its global affiliates.
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