Page 11 - MEOG Week 10 2023
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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
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