U.S. Sanctions 35 Entities and Vessels to Disrupt Iranian Oil Trade with China

Dec 3, 2024, 03:49 PM

The U.S. Treasury Department has expanded its sanctions against Iran, targeting 35 entities and vessels involved in the illegal transportation of Iranian oil to international markets. This action is in response to Iran's attack on Israel on October 1, 2024, and the escalation of its nuclear activities. The sanctions aim to disrupt Iran's oil trade with China, a major customer, by targeting the 'shadow fleet' of tankers that have been evading previous sanctions. The penalties have led to reduced flows and higher prices for Iranian oil, as ship operators are increasingly wary of being turned away from Chinese ports.