US Expands Sanctions on Iran Oil Sector Over Israel Attack
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The U.S. announced new sanctions on Iran’s oil and petrochemicals sectors in response to the country’s Oct. 1 ballistic-missile attack on Israel.
The U.S. sanctioned 17 ships and 10 entities that have linked to the “ghost fleet” of tankers linked to the shipment of Iranian oil and petrochemicals, including to refineries in China, the Treasury Department said.
The Oct. 11 action will also allow the U.S. to target a broader range of activities related to the trade in the future, the department said.
The sanctions are aimed at preventing Iran from using its oil revenue to fund its nuclear and ballistic-missile programs, as well as its support for proxy forces throughout the Middle East and the rest of the world, Treasury Secretary Janet Yellen said in a statement.
In response to Iran’s attack on Israel, the United States is taking decisive action to further disrupt the Iranian regime’s ability to fund and carry out its destabilizing activity. https://t.co/AUKOYpRFo3 — Secretary Janet Yellen (@SecYellen) October 11, 2024
The U.S. “will not hesitate to take further action to hold Iran accountable,” Yellen said.
The ships and companies are based in Hong Kong, the United Arab Emirates, Malaysia and elsewhere. Chinese purchases of Iranian oil have surged since 2021, according to a an analysis by the Energy Information Administration.
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