Islam Times - US Imposes New Sanctions on Iran Over Petrochemical Trade

Islam Times - The US Treasury Department announced new sanctions against seven entities and vessels involved in Iran's oil and petrochemical trade, as part of its ongoing maximum pressure campaign coupled with diplomacy against the Islamic Republic of Iran.

In a statement released on Thursday, the US Treasury Department announced sanctions against four entities and three vessels involved in Iran's oil and petrochemical trade. The statement claimed that it is connected to the generated revenue for the Iranian government.

The US Treasury Department claimed that this revenue supports Iran's nuclear program, the development and proliferation of ballistic missiles, and the financing of affiliated terrorist groups such as Hezbollah, Hamas, and the Houthis. They noted that Iranian oil and petrochemical transport ships often use deceptive methods to conceal this trade, posing a significant risk to the maritime industry.

Meanwhile, the US State Department is targeting four entities across different sectors for their roles in facilitating the transfer of Iranian oil.

Acting Under Secretary for Terrorism and Financial Intelligence, Bradley T. Smith, claimed that Iran continues to use a covert network of ships, companies, and facilitators to finance its nuclear program, expand its weapons systems, and support its affiliated forces.

He further indicated that the United States is dedicated to targeting key revenue streams in Iran that finance its destabilizing activities.

The US Treasury Department also announced on Thursday that the Office of Foreign Assets Control (OFAC) is sanctioning two entities and two individuals for their roles in developing and procuring components for sensitive navigational systems for the Iranian military.