The United States has recently imposed sanctions on individuals and oil tankers from various countries, including China, the United Arab Emirates, and India, for their alleged involvement in financing Iran and supporting militant groups that target the U.S. and its allies. The U.S. Treasury and State Departments have targeted over 30 individuals and ships, including key figures from Iran's National Iranian Oil Co. and Iranian Oil Terminals Co., for facilitating the sale and transportation of Iranian oil. These sanctioned vessels are responsible for transporting crude oil worth hundreds of millions of dollars, as reported by the Treasury.
This latest round of sanctions is part of the U.S. government's efforts to reduce Iran's oil exports to zero, as outlined in the National Security Presidential Memorandum 2 issued by President Donald Trump. The memorandum also emphasizes preventing Iran from acquiring nuclear weapons. President Trump expressed hope that diplomatic solutions could be reached with Iran, stating a desire to avoid conflict while ensuring Iran does not possess nuclear capabilities.
Treasury Secretary Scott Bessent emphasized the U.S.'s commitment to targeting all aspects of Iran's oil supply chain and warned that dealing in Iranian oil carries significant sanctions risks. Bessent has advocated for a more robust sanctions regime, urging a tougher stance on Iran and Russian entities involved in oil trade.
A report from the U.S. Energy Information Administration estimated that Iran generated $253 billion in oil revenues during the presidencies of both Joe Biden and Donald Trump, spanning from 2018 to 2024. The State Department reiterated its stance on holding Iran accountable for using energy revenues to fund attacks on allies, sponsor terrorism globally, and engage in destabilizing activities.
