Washington sanctions more vessels for shipping illicit Iranian oil products
In efforts to crackdown Tehran’s alleged ‘shadow fleet’, the Biden administration has sanctioned 35 entities and several vessels for transporting illicit Iranian oil products.
PHOTO: A crude oil tanker discharging crude oil into storage tanks. Getty Images
The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned the companies and vessels that have used unjust tactics such as false documentation, manipulation of vessel tracking systems, and constant changes to the names and flags of vessels, to transport its oil and petroleum products to overseas customers.
“Petroleum revenues provide the Iranian regime with the resources to fund its nuclear program, develop advanced drones and missiles, and provide ongoing financial and material support for the terrorist activities of its regional proxies,” OFAC said.
The US treasury department has sanctioned 21 vessels, including Marshall Islands-flagged JAYA, Guyana-flagged PHONIX, Cook Islands-flagged BERTHA, OLIVE, YURI and MIN HANG, for collectively shipping “tens of millions of barrels of oil for Iran.”
The latest US sanctions list includes more vessels and companies for conducting these oil shipments, such as Panama-based Ocean Glory Giant, Hong Kong-based Gaffodil, India-based Vision Ship Management, Pakistan-based Inaya Ship Management, and more.
A shadow fleet or a “dark fleet” primarily consists of older and environmentally hazardous vessels that intentionally evade regulations. These ships are said to operate without insurance or by disabling their tracking transmitters. Shadow fleet owners are infamous for the covert practice of forging documents to avoid industry standards.
“Iran continues to funnel revenues from its petroleum trade toward the development of its nuclear program, proliferation of its ballistic missile and unmanned aerial vehicle technology, and sponsorship of its regional terrorist proxies, risking further destabilizing the region,” acting under secretary for terrorism and financial intelligence Bradley T. Smith said.
By Aparupa Mazumder
Please get in touch with comments or additional info to news@engine.online
