US imposes new sanctions on Iranian oil, petrochemical networks

NEW YORK: 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. These measures are designed to systematically deny the Iranian regime the revenue streams it relies upon to finance its military expansion and destabilising regional activities. State Department Spokesperson Thomas Pigott stated that Friday 's actions directly target Iran 's 'illicit oil economy ', taking aim at the key entities, individuals, and maritime vessels that form the backbone of Tehran 's oil and petrochemical transport network. "Specifically, the Department of State is imposing sanctions on eight entities and identifying eight vessels as blocked property due to their direct involvement in the transport of Iranian petroleum and petrochemical products," he said. The Department is also designating three entities and one individual intimately linked to the trade and facilitation of these illicit commodities. "These actions build upon measures taken Thursday by the US Department of the Treasury, which sanctioned critical actors within a massive Iranian oil sales network." He noted that this network successfully moved millions of barrels of oil worth billions of dollars, utilising a series of front companies based in Hong Kong to manage clandestine storage, shipping, and sales operations. The US government has revealed that these revenue networks directly fund the Islamic Revolutionary Guard Corps (IRGC) and the Armed Forces General Staff (AFGS), translating energy exports into the financial resources used to sow regional instability across the Middle East. Pigott added that the United States will not hesitate to take decisive action against any entity or jurisdiction that facilitates this illicit trade or enables the Iranian government’s capacity to threaten its neighbors and repress its own citizens. "Engaging in transactions or providing material support to the Iranian energy sector carries severe risk of exposure to US sanctions." Additionally, the State Department’s Rewards for Justice Programme maintains its standing offer of a reward of up to $15 million for actionable information leading to the disruption of the financial mechanisms and illicit revenue streams supporting the IRGC and its global affiliates, according to Pigott.