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The United States has introduced a fresh wave of sanctions targeting Iran’s oil and petrochemical industries, following Iran’s retaliatory missile attacks on Israeli military and intelligence facilities earlier this month.
The sanctions, announced by the U.S. Treasury Department on Friday, are aimed at intensifying financial pressure on Iran, restricting its ability to generate revenue from its energy exports, which the U.S. claims are used to support regional Resistance movements and fund “destabilizing” activities across West Asia.
As part of the new measures, the Treasury Department designated 16 companies and 23 vessels involved in the transport of Iranian oil and petrochemical products as blocked property. These sanctions specifically target what the U.S. has described as a “shadow fleet” of tankers used to evade restrictions and export Iranian petroleum.
In a statement, U.S. Secretary of the Treasury Janet Yellen emphasized that the sanctions are in direct response to Iran’s recent attacks on Israeli targets. “The United States is taking decisive action to further disrupt the Iranian regime’s ability to finance and conduct destabilizing activities,” Yellen said. She pointed to Iran’s alleged nuclear development, ballistic missile program, and use of drones as key concerns. Yellen vowed that the U.S. would continue to impose further sanctions if necessary to hold Iran “accountable.”
Secretary of State Antony Blinken echoed Yellen’s remarks, stressing that the U.S. remains committed to curbing Iran’s access to energy revenue.
The sanctions were imposed in line with the Stop Harboring Iranian Petroleum (SHIP) Act, a bipartisan U.S. law designed to penalize foreign entities involved in the trade of Iranian petroleum products. The law, which was recently delegated by President Biden to the Departments of the Treasury and State, is part of broader efforts to isolate Iran economically.
Iran, for its part, has condemned the U.S. sanctions as part of an ongoing economic war. Tehran maintains that its military programs, including its missile development, are defensive in nature. Iranian officials have criticized the U.S. for attempting to undermine Iran’s sovereignty and said the sanctions are unfairly punishing the Iranian people.
The missile attacks that triggered the new U.S. sanctions took place on October 1, when Iran launched a series of missiles at Israeli military and intelligence bases. The strikes were in retaliation for the assassination of several key figures, including Hamas leader Ismail Haniyeh, Hezbollah’s Sayyed Hassan Nasrallah, and a senior commander of the Iranian Revolution Guard Corps (IRGC), Abbas Nilforooshan.
Iranian Defense Minister Brigadier General Aziz Nasirzadeh described the operation, dubbed Operation True Promise II, as a success, claiming it achieved more than 90% of its objectives and was conducted in accordance with international law.
The U.S. officials have signalled that more anti-Iram sanctions could follow in the future out of support for Israel.
