Page 11 - MEOG Week 10 2023

MEOG POLICY & SECURITY MEOG

Iran hit with new US sanctions

on oil, petchem shipping

IRAN THE US this week placed new sanctions on in the transport or sale of Iranian petroleum
shipping companies it cites as participating in products or petrochemical products…and is
the transport of Iranian petroleum products identifying 20 vessels as property or interests in
and petrochemicals. The US Treasury and State property of these entities.”
Department issued statements identifying two The State Department named the entities as
China-based companies along with several Vietnam-based Golden Lotus Oil Gas and Real
based in the UAE and Vietnam and 20 vessels Estate Joint Stock Company, which it said had
that will have their US assets frozen and barred knowingly engaged “in a significant transaction
from doing business with US firms. for the transport of petroleum products from
The move is the latest in a seemingly steady Iran.”
stream of sanctions from the US, the EU and It also identified China-based Global Marine
the UK for Iran’s domestic violent crackdown Ship Management Co., and Shanghai Xuanrun
against demonstrators and its support for Russia Shipping Co., and the UAE-based Swedish Man-
in the war in Ukraine, as well as the smuggling agement Co. Two Iran-based companies, Shiraz
of oil products. Iran is reported to be supplying Petrochemical Company and Bushehr Petro-
Russia with aerial drones that are targeting civil- chemical Company, were also listed for “a sig-
ian infrastructure in Ukrainian cities. nificant transaction for the sale of petrochemical
The administration of President Joe Biden products from Iran.”
has attempted to renew negotiations with Iran The State Department also listed 20 vessels
over its nuclear research programme, but no pro- operating under the management of the compa-
gress towards restoring the talks has been made. nies sanctioned, but said the Treasury’s Office of
The US pulled out of the 2015 nuclear deal, Foreign Assets Control (OFAC) was authorising
which lifted sanctions against Iran, during the “the wind down and limited safety and environ-
Trump administration and sanctions that had mental transactions involving certain vessels”
previously been in place were restored as Iran that will last to 30 June this year.
reopened its nuclear research. The Department warned in its statement that
“The United States is committed to signifi- “anyone conducting transactions that involve the
cantly reducing Iranian energy exports and will designated entities and identified vessels risks
sanction those facilitating Iran’s petroleum and exposure to US sanctions,” and added: “These
petrochemical trade,” a statement released by designations underscore our continued efforts
the office of Secretary of State Antony Blinken to enforce our sanctions against Iran. We will
said on March 2. “Today, the Department of the not hesitate to take action against those who try
State is designating six entities that have engaged to circumvent our sanctions.” ™

Week 10 08•March•2023 www. NEWSBASE .com P11