The U.S. State Department and Department of the Treasury have reinstated what they term as 'maximum pressure' sanctions on Iran's oil trade. This move comes amidst escalating tensions between Tehran and Washington following President Donald Trump's recent inauguration.
The State Department has identified 16 entities and vessels as part of an 'illicit shipping facilitators' network that is involved in loading and transporting Iranian oil for sale to buyers in Asia. Concurrently, a total of 22 individuals and 13 vessels have been sanctioned across multiple jurisdictions for their role in Iran's oil industry.
According to spokesperson Tammy Bruce, the shadowy network has facilitated the shipment of tens of millions of barrels of crude oil valued at hundreds of millions of dollars. The aim of these sanctions is to disrupt Iran's oil revenue accumulation, which is believed to fund terrorist activities.
Secretary of the Treasury Scott Bessent emphasized the U.S.'s commitment to targeting all individuals involved in the illicit network with Iran. He stated that the U.S. will utilize all available tools to address every aspect of Iran's oil supply chain, warning that dealing in Iranian oil poses significant sanctions risk.
In response to the reinstatement of sanctions, Iranian Foreign Minister Abbas Araghchi criticized the 'maximum pressure' approach, labeling it a failed experiment that would lead to further failures if repeated.
Notably, the U.S. Department of Justice had previously charged Iran with an assassination attempt against President Trump, allegedly in retaliation for the killing of IRGC General Qassem Soleimani in 2020. Iranian officials have denied these accusations and have resisted U.S. efforts to curb their nuclear ambitions.
