Page 9 - MEOG Week 43

MEOG POLICY MEOG

US ramps up Iran sanctions

ahead of election

IRAN THE US this week imposed sanctions on Iran’s the new sanctions were “a passive reaction to
Minister of Petroleum as well as various state- the failure of Washington’s policy of reducing
owned companies related to the sector in a final [Iran’s] crude oil exports to zero.” He added: “The
turn of the knife before Americans go to the bal- era of unilateralism is over in the world. Iran’s oil
lot on November 3. industry will not be hamstrung.”
US Treasury Secretary Steven Mnuchin said: NIOC subsidiaries included in the latest
“The Iranian regime continues to prioritise its round of sanctions include National Iranian
support for terrorist entities and its nuclear pro- Oil Refining and Distribution Co. (NIORDC),
gramme over the needs of the Iranian people.” National Iranian Oil Products Distribution Co.
He added that the sanctions had been (NIOPDC), Iranian Oil Pipelines and Telecom-
imposed because of the oil industry’s support for munications Co., National Iranian Oil Engineer-
the Islamic Revolutionary Guard Corps (IRGC) ing and Construction Co., Abadan Oil Refining
and the elite Quds Force (QF). Co., Imam Khomeini Shazand Oil Refining Co.
In addition to Minister Bijan Zanganeh, the and the National Petrochemical Co. (NPC).
Ministry of Petroleum, the National Iranian Oil Meanwhile, Zanganeh was joined by
Co. (NIOC) and the National Iranian Tanker Co. NIOC’s managing director Masoud Karbasian,
(NITC) were designated “pursuant to [executive NITC’s managing director Nasrollah Sardashti,
order] 13224, a counterterrorism authority, for NIORDC director Alireza Sadiqabadi and NPC
their financial support” the IRGC QF, the Treas- managing director Behzad Mohammadi as indi-
ury Department said in a statement. viduals being designated.
In particular, it said that senior NIOC and The move follows the imposition of strictures
NITC officials had collaborated closely with sen- on 18 banks as Washington targeted the financial
ior IRGC-QF official Rostam Ghasemi, who was sector.
designated in 2019. Ghasemi has stepped into Iranian crude production fell to 2mn barrels
the role left by IRGC-QF Commander Qasem per day, according to an OPEC survey by S&P
Soleimani after he was killed by a US drone strike Platts, a drop of 1.1mn bpd year on year.
in early 2020. The result of next week’s election is likely to
Separately, US Secretary of State Mike Pom- have significant repercussions for the Iranian
peo said: “The few remaining buyers of Iranian economy, with incumbent President Don-
crude oil should know that they are helping to ald Trump envisaged sticking to his hardline
fund Iran’s malign activity across the Middle approach, while Democrat nominee Joe Biden
East, including its support for terrorism.” has said he would be open to dialogue with
Meanwhile, Zanganeh hit back, saying that Tehran.™

Week 43 28•October•2020 www. NEWSBASE .com P9