US expands sanctions on Iran’s ‘Ghost Fleet’ and Oil Trade amid rising tensions

The United States expanded its sanctions on Iran’s petroleum and petrochemical sectors in response to a missile attack by Iran on Israel, as announced by President Joe Biden’s administration.

These sanctions target critical sectors of Iran’s economy to cut off funding for its nuclear and missile programs, according to Reuters.

National Security Adviser Jake Sullivan emphasized that the measures also target the “Ghost Fleet” that carries Iran’s illicit oil, further restricting financial resources used to support missile programs and terrorist groups.

The missile attack by Iran on October 1 was in retaliation for Israeli strikes in Lebanon and Gaza, as well as the killing of a Hamas leader in Iran. Israel has vowed to respond.

The U.S. Treasury now has the authority to sanction any person involved in Iran’s petroleum and petrochemical sectors.

President Biden has urged Israel to consider alternatives to attacking Iran’s oil fields, while Gulf states have lobbied the U.S. to prevent such attacks due to concerns about retaliation from Tehran’s proxies.

The Treasury Department designated 16 entities and identified 17 vessels involved in Iran’s petroleum shipments, further restricting Iran’s ability to fund its nuclear and missile programs.

The State Department has also imposed sanctions on six entities involved in Iran’s petroleum trade and identified six ships as blocked property.

Despite the sanctions, Iran’s oil exports have increased under Biden’s administration, with China being its primary buyer.

The expanded U.S. sanctions aim to weaken Iran’s financial capacity to support its missile and nuclear programs, while diplomatic efforts focus on preventing escalation, particularly in the context of tensions with Israel and Gulf states.

The post US expands sanctions on Iran’s ‘Ghost Fleet’ and Oil Trade amid rising tensions appeared first on Khaama Press.