US Treasury unveils new sanctions targeting Iran military's oil sales
The US Treasury announced new sanctions against an oil-sales network it says is financing the rebuilding of Iran's armed forces. The move comes amid a fragile US-Iran ceasefire framework.
According to Anadolu Ajansı, the US Treasury's Office of Foreign Assets Control (OFAC) has announced a new sanctions package targeting Iran's military oil-sales network to prevent the rebuilding of the armed forces and threats to Washington and its regional partners. The Treasury statement listed 14 individuals, 9 companies and 5 vessels as additions. The sanctions package covers intermediary entities based in the UAE, Hong Kong and Türkiye.
US Treasury Secretary Scott Bessent said the goal was to 'prevent Iran's oil revenues from financing military reconstitution.' Iran's foreign-ministry spokesperson Ismaeil Baghaei told AA in a written response that 'the sanctions are unilateral measures contrary to international law.' The publicly available formal positions of the EU and the United Nations were not accessible at the time of this report.
OFAC said the listed individuals would also be placed under additional financial monitoring by the Financial Crimes Enforcement Network (FinCEN). Brent crude rose by 50 cents per barrel following the announcement. This article is not investment or sanctions-compliance advice.
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