Us Unveils New Round Of Sanctions Targeting Illegal Support Of Iran S Oil Industry

“Until Iran is ready to return to full implementation of the JCPOA, we will continue to use sanctions authorities to target Iran’s exports of oil, petroleum products and petrochemicals,” Blinken said. Efforts to save the deal — which the US withdrew from in 2018 under former President Donald Trump — have failed. Iran is increasingly violating the terms of the deal and has developed its nuclear program. A round of indirect talks between the US and Iran ended in late June without any progress. Both Washington and Tehran have blamed the other for failing to revive the deal. Blinken said the Biden administration is imposing sanctions on “six entities that facilitate illicit transactions related to Iranian oil as well as oil and petrochemical products, key sources of revenue for the Iranian government.” The two entities sanctioned by the State Department are Pioneer Ship management PTE LTD, “a company that managed a liquefied petroleum tanker because it served as a commercial manager for a ship carrying Iranian petroleum products,” and Golden Warrior Shipping, Co. Ltd. , which “has engaged in transactions related to Iranian oil and petroleum products, to include providing logistical support to Iran’s oil trade.” “The Department further identifies the vessel Glory Harvest as the foreclosed property of Golden Warrior Shipping Co. Ltd,” Blinken said. The U.S. Treasury Department has sanctioned “four entities that support Iran’s Persian Gulf Petrochemical Industry Commercial Co.,” which is under U.S. sanctions and “continues to be involved in the sale of Iranian petroleum and petrochemical products abroad,” Blinken said. . According to the finance ministry, Monday’s sanctions build on those issued in June and July. They are targeting a UAE-based company called Blue Cactus Heavy Equipment and Machinery Spare Parts Trading LLC, as well as Hong Kong and Malaysia-based Farwell Canyon HK Limited, Shekufei International Trading Co., Limited and PZNFR Trading Limited. all of which supported the PGPICC, according to the US Treasury Department.