Washington targets Iran’s oil exports again
The US government has taken further actions against Iran’s oil sales, which allegedly enables the Iranian regime to fund its armed forces and proxies.
IMAGE: Getty Images
The US Department of Treasury’s Office of Foreign Assets Control (OFAC) has taken several actions against entities allegedly supporting Iran’s illicit oil industry, including measures that led to the freezing of nearly $500 million linked to Iran's cryptocurrency, while also targeting the country's shadow banking and shadow fleet networks, it said.
The US agency has sanctioned Iran’s Persian Gulf Strait Authority (PGSA) – an Iranian government agency attempting to monetise the Strait of Hormuz, by charging a transit fee to vessel operators trying to pass through the Strait.
The PGSA is attempting to impose “illegitimate tolls on commercial traffic and forcing vessels to follow Iranian direction in return for safe passage,” OFAC said.
OFAC has targeted UAE-based vessel chartering company Luan Bird Shipping Service for shipping Iranian crude oil to China.
Luan Bird Shipping Service was also used by previously sanctioned Sepehr Energy Jahan “to pay commissions” to Hong Kong-based Growth Trading company for facilitating crude shipments aboard sanctioned vessels Boreas, Siri and Oxis, the treasury department said.
The US agency has sanctioned another charterer – Hong Kong-based Damai Technology Development – as well as more front companies linked to Sepehr Energy Jahan, for facilitating shipment of Iranian crude oil.
The latest measure forms part of “Economic Fury” – Washington’s campaign to cut Iran’s oil exports to zero, the treasury department said.
“Sepehr Energy Jahan’s oil exports depend on access to shadow fleet vessels willing to transport the military’s oil,” OFAC argued.
By assembling a shadow fleet of poorly maintained vessels to circumvent sanctions meant to restrict the movement of Iranian crude oil, Tehran has generated revenue that has supported regional armed groups, including the Yemen-based Houthis and the Lebanon-based Hezbollah, OFAC claimed earlier.
By Aparupa Mazumder
Please get in touch with comments or additional info to news@engine.online
