ByIrina Slav– Feb 07, 2025, 2:30 AM CST
The Department of Treasury has issued a fresh round of sanctions targeting several individuals and vessels involved in the sale and transportation of Iranian crude to China.
“The oil was shipped on behalf of Iran’s Armed Forces General Staff (AFGS) and its sanctioned front company, Sepehr Energy Jahan Nama Pars (Sepehr Energy). This action includes entities and individuals in multiple jurisdictions, including the PRC, India, and the United Arab Emirates (UAE), as well as several vessels,” the Treasury said.
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The move follows President Trump’s statement he would return to a “maximum pressure” approach to Iran to prevent it from developing a nuclear weapon.
Trump said on Tuesday that he would once again seek to reduce Iranian oil exports to zero, stating “With me, it’s very simple: Iran cannot have a nuclear weapon.” Trump did, however, allow for a non-aggressive resolution of the situation and Iran also signaled a potential readiness to negotiate.
At the same time, however, Iranian president Masoud Pezeshkian urged OPEC to create a united front against U.S. sanctions on Tehran. “I believe that if OPEC members are united and work together, the U.S. would not be able to sanction and pressure one of them,” Pezeshkian told OPEC secretary-general Haitham al Ghais.
Iran’s oil minister noted the destabilizing effect new sanctions would have on oil markets, telling the top OPEC official that “Depoliticising the oil market is a vital issue for energy security. Imposing unilateral sanctions against major oil producers and putting pressure on OPEC will destabilize oil and energy markets as well as harm consumers around the world.”
Meanwhile, Treasury Secretary Scott Bessent said “The Iranian regime remains focused on leveraging its oil revenues to fund the development of its nuclear program, to produce its deadly ballistic missiles and unmanned aerial vehicles, and to support its regional terrorist proxy groups.”
“The United States is committed to aggressively targeting any attempt by Iran to secure funding for these malign activities,” Bessent also said.
By Irina Slav for Oilprice.com
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