Al Jazeera reported on Wednesday that the US Treasury Department had imposed new sanctions targeting tankers related to Iran.
“Today, the Ministry of Finance’s Bureau of Foreign Assets Control (OFAC) is a China-based independent ‘teapot’ refinery, Shandong Shengxing Chemical Co., Ltd. is specified. Several companies and vessels responsible for promoting Iran’s oil shipments to China as part of Iran’s “shadow fleet,” said in a statement.
“A refinery, company or broker that has chosen to buy Iranian oil or promote Iran’s oil trade is taking serious risks,” said Treasury Secretary Scott Bescent. “The US is committed to disrupting all parties providing support to Iran’s oil supply chain, which the administration uses to support terrorist proxies and partners,” he said.
“The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) will issue this update to its September 2019 advisory to support the global shipping and maritime industry in identifying sanction avoidances related to the shipment of Iranian oil, petroleum products or petrochemical products, and implement institutional practices to adhere to statements based on such sanctions risks.
“These oil shipments create significant sanctions exposure to participants in the marine industry, including but not limited to shipping companies, shipowners.
Managers, operators, insurance companies, port operators, port service providers and financial institutions,” the statement said.
“Currently, Iran exports approximately 1.6 million barrels of crude oil per day (BPD) and 0.4 million bpd of refined petroleum products via seaborne transport, providing billions of dollars in annual revenue to the Iranian regime,” a statement from the US Treasury Department added.
The sanctions come days before Iran and US representatives meet for a second meeting in Oman or Italy over Iran’s nuclear issue and the lifting of repressive sanctions on Saturday.
MNA