The U.S. tightened the screws on Iran Thursday, imposing additional sanctions targeted at Iran’s use of front companies to subvert Western sanctions on oil exports.
The U.S. identified dozens of Iranian front companies, ships and banks that it said were helping Iran avoid sanctions aimed at stopping it from acquiring nuclear weapons. The Treasury identified Noor Energy, Petro Suisse, Petro Energy and Hong Kong Intertrade as companies used by the National Iranian Oil Company. U.S. official are also working with the maritime industry to identify Iranian ships, by number, even if they are reflagged or repainted.
“Iran today is under intense, multilateral sanctions pressure, and we will continue to ratchet up the pressure so long as Iran refuses to address the international community’s well-founded concerns about its nuclear program,” said Treasury Under Secretary for Terrorism and Financial Intelligence, in a statement. “Today’s actions are our next step on that path, taking direct aim at disrupting Iran’s nuclear and ballistic missile programs, as well as its deceptive efforts to use front companies.”
News of the further clampdown pressured oil prices Thursday. Brent, the international benchmark, ended the New York session above $101, and WTI crude and gasoline rose with it.Page 1 of 4 | Next Page