By Jos Standerwick, CEO, Maritime London

 

On 25 February, OFAC imposed additional sanctions on persons and vessels from multiple jurisdictions believed to be involved in the trade of Iranian oil and petroleum related products.

Among those sanctioned were oil brokers from the UAE and Hong Kong, tanker operators and managers based in India and China, and the head of Iran's National Iranian Oil Company and the Iranian Oil Terminals Company. OFAC has cited that the vessels designated were responsible for transporting tens of millions of barrels of crude oil valued at hundreds of millions of dollars.

“Iran continues to rely on a shadowy network of vessels, shippers, and brokers to facilitate its oil sales and fund its destabilizing activities,” said Secretary of the Treasury Scott Bessent. “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.”

A link to the full press release announcing the sanctions can be found here. 

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