OFAC sanctions oil brokers, tanker operators, upping pressure on Iran

The Department of the Treasury’s Office of Foreign Assets Control (‘OFAC’), and the US Department of State said that they had imposed, 24 February, ‘sanctions on over 30 persons and vessels in multiple jurisdictions for their role in brokering the sale and transportation of Iranian petroleum-related products.’

OFAC said that amongst those sanctioned are ‘oil brokers in the United Arab Emirates (UAE) and Hong Kong, tanker operators and mangers in India and People’s Republic of China (PRC), the head of Iran’s National Iranian Oil Company, and the Iranian Oil Terminals Company, whose operations help finance Iran’s destabilizing activities.’

Secretary of the Treasury Scott Bessent said, ‘Iran continues to rely on a shadowy network of vessels, shippers, and brokers to facilitate its oil sales and fund its destabilizing activities. The United States will use all our available tools to target all aspects of Iran’s oil supply chain, and anyone who deals in Iranian oil exposes themselves to significant sanctions risk.’

For details of the designation see: https://home.treasury.gov/news/press-re eases/sb0026