US imposes sanctions on Iran's oil sector over Israel attack
The United States has slapped sanctions on several companies and vessels allegedly involved in the trade and transportation of Iranian oil. The move comes in response to Tehran's recent missile attack on military sites in Israel. The US Treasury and State Department announced the sanctions as Israeli officials vow to retaliate against the Iranian attack. Israel has pledged to respond to Iran's October 1 missile attack, which was launched in retribution for Israeli operations in Lebanon and Gaza, and Tehran.
Sanctions aim to disrupt Iran's revenue flow
US Secretary of State Antony Blinken said that these sanctions are aimed "to disrupt the flow of revenue the Iranian regime uses to fund its nuclear program and missile development, support terrorist proxies and partners, and perpetuate conflict throughout the Middle East." The measures target Iran's oil and petrochemical industries specifically, which Washington claims Tehran uses to fund its ballistic missiles and nuclear programs.
Sanctions target entities and vessels linked to Iran
While the State Department sanctioned six entities and six vessels, the Treasury targeted 17 ships. The sanctioned parties are located in Hong Kong, the United Arab Emirates (UAE), Malaysia, etc. The sanctions will freeze these entities' assets in the US and bar Americans from conducting financial transactions with them. Iran's oil and petrochemical industries are already heavily sanctioned by the US.
Iran's oil and petrochemical industries already under heavy US sanctions
The State Department said President Joe Biden's administration is "issuing a determination that will lead to the imposition of sanctions against any person determined to operate in the petroleum or petrochemical sectors of the Iranian economy." Meanwhile, Gulf states are urging Washington to prevent Israel from targeting oil assets, fearing that if the crisis intensifies, their own facilities may be targeted by Tehran's proxies, three Gulf sources told Reuters.
