Reuters, quoting the U.S. Department of the Treasury on Wednesday, reported that new sanctions have been imposed on shipping companies and oil tankers operating under the framework of U.S. sanctions programs related to Iran.
The sanctions target seven entities and five oil tankers. The companies named in this round of sanctions are registered in several countries, including Panama, Hong Kong, Malaysia, China, and the Marshall Islands.
The U.S. Treasury Department also sanctioned an independent Chinese refinery named Shandong Shengxing Chemical for purchasing over $1 billion worth of crude oil from the Iranian regime.
According to the department, any refinery or company involved in the purchase or trade of Iranian oil exposes itself to serious risk. The U.S. remains committed to disrupting the Iranian regime’s oil supply chain, which it says is used to fund proxy terrorist groups.
According to the statement, the new sanctions also cover six other companies, including Bestla Company Limited from the Marshall Islands, Civic Capital Shipping and Oceanic Orbit Incorporated and Starboard Shipping from Panama, Pro Mission SDN BHD from Malaysia, and Dexiang Shipping from Hong Kong and China.
These companies have been sanctioned for their role in the transport and sale of Iranian oil and for cooperating with entities affiliated with the Islamic Revolutionary Guard Corps (IRGC).
In addition, five oil tankers—Bestla, EGRET, NYANTARA, and RANI flying the Panamanian flag, and RESTON flying the Cameroonian flag—have also been sanctioned for their involvement in transporting Iranian oil and working with the blacklisted companies.
