US announces new sanctions related to Iranian oil, threatens more pressure
“Absent a change in course from Iran, we will continue to use our sanctions authorities to target exports of petroleum, petroleum products, and petrochemical products from Iran,” Secretary of State Antony Blinken said.
The Treasury Department issued new sanctions on Wednesday related to Iran’s oil sector, a move announced after the latest round of talks to revive the 2015 nuclear deal was dubbed a “wasted occasion” by US Special Envoy for Iran Rob Malley.
The Treasury Department said that the sanctioned network of people and entities used a web of Gulf-based front companies to facilitate the “delivery and sale of hundreds of millions of dollars’ worth of Iranian petroleum and petrochemical products from Iranian companies to East Asia.”
Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian Nelson said the US was committed to reaching a nuclear deal with Iran despite the sanctions. But, he added: “We will continue to use all our authorities to enforce sanctions on the sale of Iranian petroleum and petrochemicals.”
Among those designated in Wednesday’s move was Iran-based Jam Petrochemical Company, which the Treasury accused of exporting petrochemical products worth hundreds of millions of dollars to companies throughout East Asia, many of which the Treasury said were sold to Iran Petrochemical Commercial Company for shipment to China.
We are imposing sanctions on Iranian petroleum and petrochemical producers, transporters, and front companies. Absent a commitment from Iran to return to the JCPOA, an outcome we continue to pursue, we will keep using our authorities to target Iran's exports of energy products.— Secretary Antony Blinken (@SecBlinken) July 6, 2022
Secretary of State Antony Blinken also spoke on the designated individuals and entities that have “supported Iranian energy trade generating millions of dollars worth of illicit revenue.”
Blinken also said that the US had been “sincere and steadfast” in trying to reach a deal with Iran that would see both sides come back into full compliance with the 2015 nuclear deal, also known as the Joint Comprehensive Plan of Action (JCPOA).
But he blamed Iran for failing to reciprocate that seriousness. “Absent a change in course from Iran, we will continue to use our sanctions authorities to target exports of petroleum, petroleum products, and petrochemical products from Iran.”